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Fannie Mae - Single Family

Fannie Mae Single-Family Introduces National Down Payment Policy that Replaces Maximum Financing in Declining Markets Policy
Dated: 5/16/2008	Received: 5/19/2008	Posted: 5/19/2008
Introduces a new down payment policy that allows for mortgage loans that are underwritten with Desktop Underwriter® (DU®) to have loan-to-value (LTV) ratios up to 97 percent and LTV ratios up to 95 percent for manually underwritten loans secured by properties located in all geographic locations where Fannie Mae is authorized to do business. This new policy supersedes the maximum financing policy that applied to mortgages that are secured by properties located in declining markets. Effective for conventional loan applications taken on or after June 1, 2008 and applies to one-unit, principal residence transactions that currently allow for LTVs in excess of 95 percent.

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