by Calculated Risk on 9/11/2008 01:12:00 PM

Update: Here are the new guidelines from Fannie Mae (hat tip MaxedOutMama)

NOTE THAT THE 85% LTV applies to cash out refis. Purchase Money Mortgage (new purchase) is still 95% LTV (or 5% down payment).

From Peter Viles at L.A. Land: 10% down? Forget it, it's now 15%

Good news from the government takeover of Fannie and Freddie: Mortgage rates are falling. Bad news for borrowers short on cash: You need more cash to get a mortgage.

Peter excerpts from an L.A. Times story by Scott Reckard: Mortgage rates are plunging -- for those who qualify

[L]enders spooked by free-falling home prices and surging foreclosures have imposed tougher lending standards. ... most banks this week immediately adopted new guidelines that Fannie Mae said it would implement next year.

Among them: Home purchasers must put down at least 15% of the purchase price, up from 10%.

Here is the current mortgage product info from Fannie Mae. Does someone have a link to the guidelines for next year?