Freddie Mac Changes You Need To Know About...

Here are some changes that come down last week:

-Implemented a premium for all mortgages over 80% and below a score of 740. Now you will pay a minimum of 30 basis points more for those you used to think had prestine credit!
-Eliminated their 100% program. Homes prices are going down leaving even more prospects with no equity and yet now they have eliminated a major alternative for these prospects.
-Raised pricing premiums for lower credit scores and higher loan-to-values. Now those with “fair” credit will pay an extra 175 to 300 basis points more.
-Lowered maximum loan-to-values by 5.0% in declining markets. This means a minimum of ten pecent down for prospective homeowners in many parts of the country.


Scott Miller

Is fannie and/or freddie still doing land/lot loans at 95%?