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| No more 5 percent down in troubled real estate areas | | Pub Date: Wed, 02 Jul 2008 10:00:00 EST | | |
Since earlier this year, Fannie Mae and Freddie Mac established a policy which penalized buyers in troubled real estate markets with 5% higher down payments. But on May 16, they reversed their policy and switched to a nationally uniform policy of charging borrowers the same minimum down payments (3%) wherever the property is located. For borrowers whose applications require “manual” underwriting, they will have to pay 5% minimum down payments. Before reversing their policy, Freddie Mac relied on lenders to flag applications using appraisal data or home price indexes, because they never employed a list of areas designated as declining. It was an unfair policy because in an already depressed real estate market, asking for a 5% down payment drove potential buyers away. Also, in many metropolitan markets experiencing price decreases, within those markets were sub-markets which were performing relatively well and didn’t deserve to be underwritten as high risk. The new policy has been in effect since June 1. |
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| The State of New Mexico is a state in the southwestern region of the United States of America. Over its relatively long history it has been inhabited by Native American populations and has been part of the Imperial Spanish viceroyalty of New Spain, part of Mexico, and a U.S. territory. Among U.S. states, New Mexico has simultaneously the highest percentage of Hispanic Americans (comprised of both recent immigrants and descendants of Spanish colonists) and the second-highest percentage of Native Americans after Alaska (mostly Navajo and Pueblo peoples). As a result, the demographics and culture of the state are unique for their strong Spanish, Mexican, and American Indian cultural influences. The climate of the state is highly arid and its territory is mostly covered by mountains and desert. |
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