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Higher costsThe current downpayment for Fannie Mae conforming loans is 3 percent, but it will increase to 5 percent for loans submitted after Nov. 16. Some homeowners may not be able to afford 5 percent on a downpayment, and many have been attracted to Fannie Mae loans because the cost was so low.The increase could deter some first-time homebuyers from applying for a Fannie Mae loan. However, the loans won't have upfront mortgage insurance costs, unlike current loans with a 3 percent downpayment and FHA mortgages.Mortgage termsIn addition to higher downpayments, loan limits have been reduced so that no mortgage can have as term longer than 30 years, as opposed to 40.
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