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The Associated Press
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WASHINGTON -
Fannie Mae is doing away with higher minimum down-payment requirements for borrowers in parts of the country where home prices are dropping. The government-sponsored mortgage finance company said Friday it will require minimum down payments of between 3 percent and 5 percent for all loans that it guarantees. That replaces a December policy that required a higher minimum if the loan was for a home in a zip code with declining real estate prices. Fannie says the move is part of its effort to help resuscitate the flagging mortgage market.Fannie Mae and its sibling, Freddie Mac, had been under pressure to relax lending policies.
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