Posted by & filed under Stockton Real Estate.

Download now or preview on posterous

12 02 10.pdf (24 KB)

As of December 13th, Fannie Mae will allow buyers to use gifts and grants from nonprofit groups for their minimum 5% down payment. However since most lenders require a down payment of 10% or more, borrowers will still need to come up with the remaining balance. Fannie Mae will also impose tougher guidelines regarding debt-to-income ratios which will drop from 55% to 45%. They also announced that people with foreclosures will need to wait 7 years instead of 4 to obtain a Fannie Mae loan.

Posted via email from Posterous

Leave a Reply

Your email address will not be published. Required fields are marked *