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NEW MORTGAGE RULES COMING TO THE RESCUE

It was announced this week that the Federal Housing Finance Agency [FHFA] will be coming out with a new program to allow home borrowers to receive government backed mortgages with a much smaller down payment. FHFA regulates mortgage finance giants Fannie Mae & Freddie Mac. The new program is intended to help the housing recovery get back on track by encouraging lending to borrowers with less than perfect credit or less conventional financial situations, particularly borrowers that do not presently have the savings needed to meet the requirements of a 20 or 25% down payment.

More specifics should be released over the next month and are expected to include down payments of as little as 3%, according to Dionne Searcey and Peter Eaves of the New York Times.

More specifics should be released over the next month and are expected to include down payments of as little as 3%, according to Dionne Searcey and Peter Eaves of the New York Times.

This is great news for first time buyers that don’t have alot of savings, but otherwise have a steady source of income.  So stay tuned on this, as you may be able to start looking for your new home soon.

HAPPY HALLOWEEN!

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