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.