Fannie announced this week they are going away with their 97% LTV program? So any buyers that were looking to buy with this program have to have their loan preapproved by the weekend of November 16th, 2013 and have to close and fund by March 31st of next year.
So what does this mean? Well the removal of the 3% loan means buyers with great credit wanting to go conventional lending will have to either put 5% down now or go to FHA with a slight higher down payment and higher PMI.
