Saturday , 16 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)

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