Fannie Mae, Freddie Mac Officially Announce 3% Down Payments
Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) officially announced new programs allowing mortgages with just a 3% down payment. Both GSEs say that as long as other underwriting standards are still in place, and the total volume of loans is relatively small, the low down payment loans don’t add too much risk to their businesses.
“To mitigate risk, Fannie Mae and Freddie Mac will use their automated exclusively for paying members. Access all of our content on including years of timeless investment news and in depth analysis for only a few dollars a month by signing up here while also supporting quality content and journalism, or learn more about our premium content here
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