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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Giordano Bruno who wrote (294482)11/30/2010 3:04:27 PM
From: Les HRead Replies (2) of 306849
 
Ponzi downpayment 'charities' are back

Fannie Mae recently announced it would introduce a new set of lending guidelines that will become effective December 13, according to the New York Times. Beginning that day, consumers who want to obtain a federally backed home loan will be able to make their down payment, which must be a minimum of 5 percent of the property’s value, entirely with gifts and grants from nonprofit organizations. Previously, that money had to be paid entirely out of pocket.

americasnewsonline.com
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