Prior to becoming a real estate agent, I was in mortgage banking and held a variety of positions.  At one point, I was an underwriter, the one who approved or disapproved loans. At that time, I had guidelines; my job was to weigh the overall picture.  If income was weak, credit should be stellar, if credit was poor down payment should be substantial.  Bottom line: the loans I approved needed to make sense. 

I just received this information from BWA Mortgage and am so encouraged that lenders and Fannie Mae have dusted off their thinking caps and put them back on.

Fact 1:  If your mid FICO score is 740 or greater, you may qualify for a .25 point savings on your closing cost.
 
Fact 2:  If your loan represents no more than 60% of the value of your home, you may qualify for an additional .25 point savings on your closing costs.
 
Fact 3:  With as little as 5% down, you can purchase an Owner Occupied home using a Fannie Mae loan up to a $417,000 loan amount.
 
Fact 4:  With as little as 5% down, you can purchase an Owner Occupied home using an FHA loan up to a $625,000 loan amount.
 
Fact 5:  Fannie Mae will finance Non Owner Occupied purchases.  You need to do the math but if you have ever thought about owning rental property, this may be the time to explore.  Rates are low!