I just read an article, Fannie Mae Reduces Downpayment Requirements, in today’s Arizona Republic. For those of you who don’t know, in December Fannie Mae had increased the downpayment requirements for home loans in high risk zip codes. Zip codes were considered high risk if home prices were expected to go down in the near future. Maricopa County was considered a high risk area. This change should ease downpayment requirements somewhat for buyers in our area. No longer will one standard be applied to all neighborhoods within a zip code. The article does not make it clear when this change will go into affect.
Even with the existing requirement, FHA loans have provided a way for buyer’s to obtain seller assistance with their loan. FHA loans have become much more common this year.
If you would like to know more about what loans are available for you, talk to your lender or contact us and we can recommend a lender to you. (Contact us at Pat@RealtySecrets.net)