May 01, 2010

Interest-only loans tougher

NEW YORK (CNNMoney.com) -- Fannie Mae, the government-backed mortgage giant, announced Friday that it will tighten lending requirements for the interest-only loans and adjustable rate mortgages (ARMs) it backs.

To get a Fannie Mae-backed interest-only mortgage, for example, homebuyers will have to make down payments of 30% of  . . .

To read the complete article go to CNNMoney

May 1, 2010 4:34:17 PM | Mortgages/Rates/Finance

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Tom

Minneapolis Realtor specializing in residential sales.

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