Move My Realty - Real Estate News

MORTGAGE QUALIFICATION TO GET EASIER

Fannie Mae says it is doing away with higher downpayment requirements for borrowers in distressed real estate markets. The government-sponsored mortgage financier said Friday it will require downpayments of between 3 percent and 5 percent for all loans that it guarantees. That replaces a December policy requiring a higher downpayment if the loan was for a home in a market with declining real estate prices. Washington-based Fannie says the move is part of its effort to help resuscitate the flagging mortgage market.

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