New Lending Guidelines Benefit Young Borrowers

Under Fannie Mae’s new lending guidelines, which will take effect Dec. 13, buyers will be allowed to use gifts and grants from nonprofit groups for their minimum 5% down payment.  Freddie Mac is also considering similar new guidelines.  Fannie Mae will be cracking down on debt-to-income ratios, with the maximum ratio for those seeking a conventional mortgage dropping from 55% to 45%.  Under the new rules, borrowers who have gone through foreclosure will be excluded from obtaining a Fannie-backed loan for seven years.  Read full article:
http://www.realtor.org/rmodaily.nsf/pages/News2010112604

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About dherries
Dave and Sally Herries and The RealtyColorado Team - Real Estate Broker serving the metro-Denver area. Offering properties in urban, sub-urban and rural areas. Our mission statement is "Enriching lives through real estate."

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