A short note to new home buyers....it just got easierAccording to the Fannie Mae press release of 05.16.08, they will now accept a 3-5% down payment on a new home. This range depends on whether you use their computer driven appraisal software or whether you hire an outside appraiser. Hmmmm....is there now a risk premium for human appraisers or is this just a reflection of how tainted the profession has become after all those liar loans were helped along by easy appraisals.
Fannie Mae says it is doing away with higher minimum down payment requirements for borrowers in distressed real estate markets.
Fannie Mae said Friday the new minimum down payments of between 3 percent and 5 percent for all loans that it guarantee for conventional, conforming mortgages processed through its Desktop Underwriter® (DU®) automated underwriting system, and 95 percent loan-to-value ratios for loans underwritten outside of DU, in all geographic locations.
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