|
|
| No more 5 percent down in troubled real estate areas | | Pub Date: Wed, 02 Jul 2008 10:00:00 EST | | |
Since earlier this year, Fannie Mae and Freddie Mac established a policy which penalized buyers in troubled real estate markets with 5% higher down payments. But on May 16, they reversed their policy and switched to a nationally uniform policy of charging borrowers the same minimum down payments (3%) wherever the property is located. For borrowers whose applications require “manual” underwriting, they will have to pay 5% minimum down payments. Before reversing their policy, Freddie Mac relied on lenders to flag applications using appraisal data or home price indexes, because they never employed a list of areas designated as declining. It was an unfair policy because in an already depressed real estate market, asking for a 5% down payment drove potential buyers away. Also, in many metropolitan markets experiencing price decreases, within those markets were sub-markets which were performing relatively well and didn’t deserve to be underwritten as high risk. The new policy has been in effect since June 1. |
|
| | |
|
|
Reverse Mortgage Loans Georgia is here to help anyone over 62 years of age through the process of understand how a reverse mortgages works. We have mortgage specialist that have been trained and are up to date with the latest rules and regulations. Reverse Mortgage Loans Georgia provides all the information and tools you need to get informed and started. Our lenders have access to many different reverse mortgages loan programs including FHA, NRMLA and HUD products. If you know someone who can benefit or is interested in learning more have them give us a call. We is important for everyone to understand our privacy policy and terms of use before they begin. Reverse Mortgage Loans Georgia is here to help.
Copyright 2007 HomeXperts, Inc. |
|
| Georgia is a state in the Southeastern United States and was one of the original Thirteen Colonies that revolted against British rule in the American Revolution. It was the last of the Thirteen Colonies to be established as a colony, in 1733. It was the fourth state to ratify the United States Constitution, on January 2, 1788. It seceded from the Union on January 21, 1861 and was one of the original seven Confederate states. It was the last state readmitted to the Union, on July 15, 1870. Georgia is one of the fastest-growing states in the United States, with its population increasing from 8,186,453 in 2000 to an estimated 9,072,576 people in 2005. Georgia is also known as the Peach State and the Empire State of the South. The largest city, and capital, is Atlanta. |
|
|
