mortgageDid you know that currently one in four new home buyers is turned down for mortgage loans? Well, that is about to change! Freddie Mac and Fannie Mae are making major changes as to how people qualify for home loans. Some of the real benefits will be seen by a reduction in down payment requirements and clarification as to what happens if a borrower defaults. Potentially, the most interesting part of these new mortgage rules are that Freddie Mac and Fannie Mae will start backing 3% down loans. In the past, only FHA loans allowed down payments that low. If you’ve been debating on whether home ownership is for you, or if previously you couldn’t qualify for a mortgage loan, this could be your opportunity to give it a try under the new regulations. Click here to learn out what 2015 could mean to your home buying dreams.

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