1.
No credit score requirements
2. Lower down payment requirements
3. Low closing costs
4. Property condition standards
5. Lower monthly mortgage insurance
6. Special discounts for certain individuals
Down Payment
Eliminate 3% cash down requirement
This change has led to the most debate. Solutions range from zero down to 1.5% down that could be packaged into fees.
Loan Term
Allow for UP TO a 40 year loan term
Risk-Based Premiums
Determine the borrower’s premium based on his or her credit profile.
This will allow for borrowers with better credit to pay a lower percentage. Borrowers with poor credit will have to pay a slightly higher amount.
Home Classification
Allow for condominiums to be considered a single family rather than multifamily housing
Increased accessibility by reducing fees and additional costs
nEW pRICING ADJUSTMENTS FOR
FANNIE MAE / FREDDIE MAC
(CONFORMING LOANS)
Here’s the Credit Score Categories and their ADDITIONAL fee percentages COSTS:
FHA Loans
