3: Fannie Mae Eliminates 3% Down Mortgages - 01/12/14 11:45 AM
In November 2013, Fannie Mae increased the minimum required down payment from 3% to at least 5% down on Primary Residences.  This change was due in part to Qualified Mortgage and Ability to Repay regulations that went into effect on January 10, 2014.
 
The 5% minimum down payment requirement applies both to HomePath® and regular Conventional mortgages.  HomeStyle® Renovation mortgages already required a 5% minimum down payment.
 
 
(2 comments)

3: Separate the Fact From the Fiction - The Real Story on FHA Seller Concession Limitations - 03/27/10 01:44 PM
                                                                     Much has been written and said since January about HUD reducing the seller concession limit on FHA loans from 6% down to 3% of the sales price.  Unfortunately, a lot of it is false information.  On January 20, 2010, HUD announced a series of policy changes.  Some approved, some not.  The seller concession limit was one of the proposed changes as indicated below:
 
Reduce allowable seller concessions from 6% to 3%
The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions. This … (0 comments)

 
Rodney Mason, FHA 203K, USDA, VA, HomePath Renovation Specialist (Prospect Mortgage) Rainmaker large

Rodney Mason

FHA 203K, USDA, VA, HomePath Renovation Specialist

Atlanta, GA

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Prospect Mortgage

Address: 825 Juniper St NE, Atlanta, GA, 30308

Office: (404) 591-2453

Fax: (877) 827-7065

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