Additional Loan Requirements

Fannie/Freddie/Other Banks Increase Loan Fees and Downpayments!

After anxiously awaiting Obama’s housing stimulus, we find out most lenders are going to increase downpayment requirements, loan points and costs and require a FICO score of over 740 to obtain “premium rates and terms”.

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/02/15/RE3F15Q74A.DTL

This will have a negative impact on the housing stimulus anticipated by the Administration.