Fannie Mae and Freddie Mac Change “Declining Market” Guidelines
Wednesday, May 28th, 2008Effective June 1, 2008, Fannie Mae and Freddie Mac have dropped their “declining market” policy requiring an addition 5% down payment for properties determined to be in declining or “at risk” markets. Hopefully this will impact Jumbo loans as well as conforming loans but a formal announcement has not been made. This is good news for buyers and sellers especially in neighborhoods that are categorized as “declining.” Hopefully, programs will continue to be announced to help buyers and sellers in this market.
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