There are big changes coming to loans in November Fannie Mae and Freddie Mac will no longer offer a 3% down loan product. Buyer’s who are under contract and close by November 16th will be able to finance with FHA at 3%. However, PMI will no longer be able to be bought down or go away if value increases this has been in effect since June of this year. Buyer’s have counted on 3% financing and now a 5% loan will be the replacement. This could stall the housing market while buyers re-group and save for a larger deposit. This combined with the interest rate trend upwards could mean some buyers are now looking at reduced buying power.