GSEs Detail new Low Down Payment Offerings

The two government sponsored
enterprises (GSEs) announced details today of their respective new low
downpayment conventional mortgage loans. 
Each will permit loans with as high as a 97 percent loan to value ratio with
certain compensating factors.

Both Fannie Mae and Freddie Mac’s loans must be secured by a single
family owner occupied
property.  Only
fixed-rate loans are eligible and manufactured housing is not acceptable
collateral.  Tt least one borrower must
be a first time homebuyer and median income eligibility levels apply.  The GSEs are also requiring a form of
homeowner education, the type and duration of which varies between them.

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