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May 23, 2008
Fannie Mae Announces Single National Down Payment Policy
Fannie Mae has introduced a new, national policy on down payment requirements for conventional, conforming mortgages the company will purchase or guarantee. Starting June 1, Fannie Mae will accept up to 97% loan-to-value (LTV) ratios for conventional, conforming mortgages processed through its Desktop Underwriter (DU) automated underwriting system, and 95% LTV ratios for loans underwritten outside of DU, in all geographic locations in the U.S.
Posted by S. Germain at May 23, 2008 08:10 AM