Fannie Mae issued a press release on Apr. 30, 2010 announcing new standards for the purchase and securitization of adjustable-rate mortgage (ARM) products and interest-only loans. Freddie Mac meanwhile announces that from around Sep. 2010, all interest-only loans will be eliminated completely.

Fannie Mae Still Offers Interest-Only Loans at 30% of the Sale Price

New guidelines are being introduced by Fannie Mae with regard to interest-only loans and adjustable rate mortgages or ARMs. After August 31, 2010, all loans must meet new guidelines set forth which for an interest-only loan, means a 30% down payment on the price of the sale and the requirement that borrowers have enough assets to cover 60 days of living expenses.

For ARMs, Fannie Mae will require that borrowers be qualified at the greater of the note rate plus 2% or the fully indexed rate (index plus margin). What this means for potential homebuyers is that mortgage lenders will now have to take into consideration how high a homeowners repayment might become once special introductory rates have expired.

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