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| 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. |
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Reverse Mortgage Loans Tennessee gives reverse mortgage loan information and resources to direct homeowners through the reverse mortgage loan process. Reverse Mortgage Loans Tennessee can help you find a top reverse mortgages professional, the best educational information on reverse mortgages, important links to external reverse mortgages resources, like the NRMLA and HUD and more. Our site connects you with local reverse mortgage brokers that will help you through the reverse mortgages process to ensure a successful loan. We also provide answers to frequently asked questions, articles and a blog with relevant current news. If you or a loved one are aged 62 or over, get the facts about the reverse mortgages loans, find out if they meet your mortgage requirements and review the steps you will take if you decide to start the reverse mortgage loan process. We encourage you to read our privacy policy and terms of use and hope that a Reverse Mortgage Loans is right for you.
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| Tennessee is a state located in the Southern United States. In 1796, it became the sixteenth state to join the Union. Tennessee is known as the "Volunteer State", a nickname earned during the War of 1812 because of the prominent role played by volunteer soldiers from Tennessee, especially during the Battle of New Orleans. The capital city is Nashville, and the largest city is Memphis. |
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