CSBJ Daily

The real estate community uproar created when Fannie Mae underwriters determined that all of El Paso County was included on the agency’s “declining market” list will soon subside.

Beginning in June, Fannie Mae will no longer require an automatic 5 percent minimum down payment on Pikes Peak region properties, based on its alleged status as a high-foreclosure, bad-debt area.

Instead, the lender will require 3 percent down payments for automated underwriting on conventional and conforming mortgages. The agency will still require 5 percent minimum down payments for loans processed manually, the National Association of Realtors reported.

Jumbo loans – in excess of $417,000 in Colorado – will continue to be processed within current down payment guidelines.