The Real Estate Wonk: The lowdown on big loans - Baltimore homes, apartments, real estate: Buying, selling, renting and housing news from reporter Jamie Smith Hopkins

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March 30, 2008

The lowdown on big loans

Columnist Kenneth Harney has details about the new jumbo-sized Fannie, Freddie and FHA loans -- credit scores, down payment required and the like. Click HERE to see today's piece, or read on for a taste:

For example, in the guidelines for what Fannie Mae calls its new "jumbo conforming" program, the company will, beginning April 1, purchase fixed-rate mortgages up to $729,750, but only with the following conditions:
• Minimum down payment of 10 percent.
• Minimum FICO credit score of 700 for any loan with less than a 20 percent down payment. "Nontraditional" credit histories as alternatives to FICOs are not permitted as in other programs.
• Minimum 40 percent down payment and 660 FICO for second homes and investor properties.

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About Jamie Smith Hopkins

Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
• Baltimore Sun articles by Jamie

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