Great News...A new lending avenue has reopened for "Distressed Market" areas, including Maricopa County in AZ. Go to www.fanniemae.com and you can read the news release from today.
- New Changes go into effect June 1, 2008
- "Fannie Mae will accept up to 97% LTV ratios for conventional, conforming mortgages processed through its Desktop Underwriter® (DU®) automated underwriting system"
95% LTV on loans underwritten outside of DU
- Down Payment requirements will be for purhase transactions of Primary Residences.
- DPA will be available through Community Seconds® and MyCommunityMortgage® products
Read the article if you are interested in some of the remaining comments from contributors to the press realease. This just gives realtors and lenders more options for helping people into their new home. Have a great weekend.
Let me know if this article is useful...