Fannie Mae has lowered down payment requirements for Virginia Beach real estate from 5% to just 3% for all conventional, conforming mortgages processed through its Desktop Underwriter® automated underwriting system.  Loans processed outside the Desktop Underwriter® system will still require a 5% down payment. the lower down payument requirements went into effect June 1, 2008.

Part of its “Keys To Recovery” campaign, this initiative will apply to homebuyers all across the country, regardless of local market conditions.  Since the biggest obstacle for many first-time home buyers is saving up enough money for a down payment, this is great news if you want to take advantage of the current Virginia Beach real estate market!

Read the full article here, and please email us at info@ButlerTeamHomes.com or call us at 866-222-0158 #550 if you need a referral to a reputable local lender!  To learn more about Virginia Beach real estate, please visit ButlerTeamHomes.com, or search all Virginia Beach real estate and hopmes for sale! 

Also read:
Virginia Beach Real Estate: FHA Frequently Asked Questions
Virginia Beach Real Estate: Hampton Roads Market Trends-April 2008
Things You Should Know About Moving To Virginia Beach
Seven Tips For First-time Virginia Beach Homebuyers
Virginia Beach VA Real Estate: 7 Reasons To Own Your Own Home
10 Things You Should Know About Today’s Virginia Beach VA Real Estate Market