Thursday , 21 January 2021

GSEs Detail new Low Down Payment Offerings

By Jann Swanson

Posted To: MND NewsWire

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. Refinancing is permitted by both GSEs but on either a no-cash or a limited-cash out basis. Total combined loan-to-value (CLTV) ratios can go as high as 105…(read more)

Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Via:: GSEs Detail new Low Down Payment Offerings



About Mortgage News Daily

Mortgage News Daily

Check Also

The Richest Appraiser in Babylon

If you’ve not read “The Richest Man In Babylon” by George S. Clason, stop reading …