The Real Deal Miami

Fannie Mae move could help Florida buyers

May 19, 2008 10:07AM

South Florida home buyers may have less trouble securing a mortgage thanks to a plan by Fannie Mae to reduce the amount required for down payments in markets hit hard by housing declines. The government-sponsored mortgage finance company said Friday it will require minimum down payments of between 3 percent and 5 percent for all loans it guarantees, supplanting a policy put out in December that required a higher minimum if the loan was for a home in a ZIP Code with declining real estate prices.