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Fannie Mae Lowers Down Payments
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Fannie Mae Lowers Down Payments From the USA Today: NEW YORK (Reuters) — Fannie Mae (FNM), the nation's largest source of home financing, said Friday it is lowering the amount of down payments required on mortgages it purchases, even in areas where home prices are falling. The rule change comes as many in the housing industry call for Fannie Mae and Freddie Mac (FRE), the second largest federally chartered home funding company, to make more affordable housing available. Fannie Mae will accept up to 97% loan-to-value ratios for conventional, conforming mortgages through its automated underwriting system, and ratios of up to 95% for other loans.
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