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| No more 5 percent down in troubled real estate areas | | Pub Date: Wed, 02 Jul 2008 10:00:00 EST | | |
Since earlier this year, Fannie Mae and Freddie Mac established a policy which penalized buyers in troubled real estate markets with 5% higher down payments. But on May 16, they reversed their policy and switched to a nationally uniform policy of charging borrowers the same minimum down payments (3%) wherever the property is located. For borrowers whose applications require “manual” underwriting, they will have to pay 5% minimum down payments. Before reversing their policy, Freddie Mac relied on lenders to flag applications using appraisal data or home price indexes, because they never employed a list of areas designated as declining. It was an unfair policy because in an already depressed real estate market, asking for a 5% down payment drove potential buyers away. Also, in many metropolitan markets experiencing price decreases, within those markets were sub-markets which were performing relatively well and didn’t deserve to be underwritten as high risk. The new policy has been in effect since June 1. |
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| The State of Idaho is a state in the Pacific Northwest region of the United States of America. The state's largest city, and capital, is Boise. Residents are called "Idahoans." Idaho was admitted to the Union on July 3, 1890, as the 43rd state. According to the United States Census Bureau, in 2004, Idaho had an estimated population of 1,393,262. The state's postal abbreviation is ID. Idaho is nicknamed the Gem State because of its abundance of natural resources. The state motto is Esto Perpetua (Latin for "Let it be perpetual"). |
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