There have been some recent postings that ‘DECLINING MARKET’ requirements by Fannie Mae would require borrowers to put down an additional 5% in certain areas based on ‘declining market’ figures.
It was annouced a short time ago that this requirement will no longer be necessary. It was discussed in the industry that decided that this would bring more problems to an already challenged industry and stigmatize available properties.
The new policy will allow for borrowers to take out 95% loan to value loans on properties that have been earlier declared “declining markets” such as some areas of Albuquerque as well as Rio Rancho, New Mexico.
This will obviously help those who need to buy with minimum down payments in areas that are still affordable.
The new policy will take effect June 1st.
For the latest information on the Albuquerque real estate market and statistics, and a new market tool called Market Snapshot visit my site at realestateinabq.com
Linda DeVlieg Killman
Let me, an Albuquerque real estate broker, help you find your dream home or sell your current home - with a personalized marketing program set up for your needs and expectations. I want to be your first source for real estate information and I am the number one Internet real estate expert in Albuquerque. Specializing in all Albuquerque neighborhoods and the beautiful area of Chama Valley in Northern New Mexico. Contact me today to get started!
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