Fannie Mae And Freddie Mac Lower Down Payment Requirement

Fannie Mae And Freddie Mac Lower Down Payment Requirement

Fannie Mae and Freddie Mac are working with housing regulators and mortgage lenders to ease credit for many consumers who have been shut out of the home buying market due to tighter credit requirements initiated in the wake of the 2008 financial crisis.

Fannie and Freddie are now considering programs that would make it easier for lenders to offer mortgages with down payments of as little as 3% for some borrowers, the Wall Street Journal reported.   Since housing bubble burst, sending the U.S. into a deep recession, lenders have been enforcing far tighter credit standards, making it difficult for many first-time home buyers to scrape together a down payment and qualify for a mortgage.

Consequently, despite historically low interest rates that have brought mortgage rates to their lowest levels in decades, many consumers haven’t been able to take advantage of the low rates and the U.S. housing market has struggled to gain traction as the economic recovery slowly moves forward.


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Dated: October 20th 2014
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