The Director of FHFA (Fannie and Freddie’s parent), Mel Watt announced that the FHFA will release details regarding the return of the 3% down-payment product sometime next month, but expect it to include conditions such as housing counseling, stronger credit scores, lower DTI ratios, and a higher interest rate. Cross you fingers that it’s a usable program that really does offer a benefit to home buyers and not just another chest puffing initiative that doesnt really work for 99% of would-be homeowners.
In economic news, Existing Home Sales rose to 5.26M, the Consumer Price index fell flat to 0%, Jobless Claims dropped a couple thousand to 291K, and the Philadelphia Fed index doubled last month’s paltry 20.7 at 40.8
