Effective December 13th, 2008 Conforming Loans Will Require Larger Down Payments....
By Rick Cardenas
(Envoy Mortgage)
Thank you for choosing Premier Plus Financial Services. We look forward to helping you In an effort to limit risky borrower behavior, Fannie Mae announced a new round of mortgage guideline changes last week. Unlike previous its previous 20-plus updates that raised income requirements and minimum credit scores (among other changes), Fannie's latestguideline tweaks focus on the value of its underlying mortgage assets -- home equity. Effective December 13, 2008, Fannie Mae will require larger equity positions on some of its insured purchases and refinances. A few of the updates include: · Limiting primary residence, cash out refinances to 85% loan-to-value · Requiring 10% down-payments on second/vacation homes · Requiring a 25% equity position on all investment ...
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