West Coast Estates LA

Fannie Mae, the government-backed mortgage giant, announced Friday that it will tighten lending requirements for the interest-only loans and adjustable rate mortgages (ARMs) it backs.To get a Fannie Mae-backed interest-only mortgage, for example, homebuyers will have to make down payments of 30% of the sale price.

Source: http://money.cnn.com/2010/04/30/real_estate/Fannie_okays_interest_only_loans/index.htm