5% of payment for the loans Fannie Mae?

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Our broker said we need 5% from a mortgage loan because our credit rating is only 680th I know that Fannie has tightened its rules, but nobody has heard of this? Oh, sorry! This is a conventional loan.

2 Comments
  1. Reply
    Confused
    May 19, 2011 at 9:36 am

    Is this an FHA loan?

  2. Reply
    utahyoda
    May 19, 2011 at 9:55 am

    If it’s a conventional loan, then this is routine and expected. Lenders don’t want to give you that much money with no down payment at all, especially if your credit isn’t excellent. Yours isn’t bad, but the new tighter restrictions mean that it isn’t good enough.

    If this is a problem, is an FHA loan an option? They require 3 percent down, but many states and cities have programs to help with that down payment.

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