If you live in an area that appraisers are checking off declining market on their appraisal report, your underwriter may reduce your property appraised value by 5%. Fannie Mae and Freddie Mac will also take 5% right off the top. If a loan officer is telling you that they can get you 100% financing you may want to ask them a few more questions. Ask them if you are going to get dinged 5% for a declining market. You best bet for getting a home these days is to have some money down in the transaction.
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