CNBC outlines how to get a mortgage

March 25, 2009 01:12PM

CNBC has some pointers for people looking to obtain a mortgage during the credit crisis. For a down payment, most banks are asking for at least 20 percent, and potential buyers will need a credit score in the mid-700s. Melissa Cohn, president of Manhattan Mortgage Company, said she is seeing more and more banks asking for 30 percent down payments. CNBC also notes that Fannie Mae and Freddie Mac can now purchase loans up to $729,000, making it easier for borrowers to get loans for several hundred thousand dollars.

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