Washington Changing Mortgage Programs:
Fannie, Freddie and Friends are telling the industry that mortgage availability and costs are changing on October 1st of 2011. Some of the changes mentioned by government officials include raising the minimum down payments on FHA from 3.5% to 5%. Also prominent on the list is lowering the maximum mortgage available in Treasure Coast Communities. Conventional mortgage maximums may go from $375,000 to $316,000. With real estate in one of the most severe recessions in the country's history, one wonders about the timing of these Washington moves?