Starting December 13, 2008, Many Mortgage Approvals Will Require Larger Downpayments And More Home Equity

In a move that will stymie thousands of would-be home buyers and homeowners, Fannie Mae announced another round of mortgage guidelines changes last week. Unlike past revisions in which Fannie Mae tightened debt ratio and credit scoring requirements, however, the newest underwriting updates zero in...

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[Source: The Mortgage Reports Blog]