Fannie Mae and Freddie Mac say “No more 100 percent financing products on our backs in declining market areas!”

Many lenders, including Fannie Mae and Freddie Mac, are implementing declining markets policies. This is in response to the current turmoil in the housing market. Some parts of the DC metro area are affected, but many are not — particularly neighborhoods inside the beltway. These new guidelines mean the maximum amount you borrow may be reduced by 5%.

If you’re looking for a home, consult with your lender to see if you’re affected. Your lender can tell you whether the property you are interested in is affected by these new policies.

Rob Riggins
Washington Home Mortgage

Tags: 100 percent financing, Fannie Mae, Freddie Mac, Lender, Rob Riggins, Washington Home Mortgage
Posted on Wednesday, January 23rd, 2008 at 9:00 am. Follow responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.