…and in Mortgage news | The Real Estate Ledger

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…and in Mortgage news

May 18, 2008 – 8:31 pm

Fannie Mae nixed an earlier policy of requiring a higher down payment in areas with weak real estate markets. They are now requiring down payments of 3 to 5 percent on all loans that they guarantee. The move was part of their efforts to help out in the mortgage market. I expect some more positive mortgage news on the way.

On Thursday, a bill was moving along through Senate that amounts to $300 billion of FHA loan insuring. This would allow home owners with adjustable rate mortgages to refinance into more manageable terms. This would effectively reduce the number foreclosures, reduce the home inventory, and drive down mortgage interest rates.

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