Fannie, Freddie to Loosen Up on Lending: Mortgage financing giants Fannie Mae and Freddie Mac, together with their federal regulator.
Fannie
Mae and Freddie Mac is reportedly working on a deal with the financing
entities that will loosen up lending standards and make mortgages more affordable for those with less-than-perfect credit. The move is expected to expand home buyers’ access to financing, as tight credit the last few years has kept many sidelined. The
new rules reportedly will include a lower minimum down payment
requirement (from 5 percent to 3 percent), in order for lenders to
qualify to sell a loan to Fannie Mae and Freddie Mac. That would bring
down payment, which
insures loans made to lower-income borrowers and first-time buyers, Learn more.
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