Fannie Mae just announced a policy change to help the Homeowner who has been waiting to Move Up into a bigger property.
During the Housing melt down, most Federal Lending Guidelines had tightened to prevent Borrowers from buying a new home (at the lower prices) with limited equity in their existing home who could then let their existing home go into Foreclosure.
These standards required a 30% equity position before a borrower could use a lease on their existing property to help offset their mortgage payment in qualifying for a new home purchase.
Now that we have moved into a more stable market, it is refreshing to finally see some relaxation in at least this guideline.
Hopefully it is a glimmer of good things to come.
While
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