On April 1st, Fannie Mae and Freddie Mac are increasing down-payment rules.
The upcoming changes are as follows:
- Condo buyers with down payments of less than 25 percent will be charged a three-quarter point add-on penalty regardless of their credit score
- Buyers of multi family units, where one unit is owner-occupied and the other is rented, will be charged a 1 percent add-on
- Refinancers who take cash out will be charged as much as three points if they have a low to moderate equity stake