We've all heard that it's getting harder and harder to qualify for a Charlotte NC home, but no one's been certain exactly what Fannie Mae and Freddie Mac have set as rules in this new financial environment. In a story in today's Wall Street Journal we find that a borrower needs a credit score of at least 740 to qualify for a home purchase loan with a 20% down. With that excellent credit score, the borrower could qualify for a loan rate of 4.75 + 1% origination fee. If a borrower's credit score is below 680, then the best he or she could do would be about a 4.75% loan with 2.5% in fees. So what do you need in cash to buy a home today using Fannie or Freddie? Iif you've got a score of 740 or higher and you want to buy a home valued at $200,000, you would need to have at least $40,000 to put down on the home plus another $2000 for fees before you can even think about buying. If your credit score is below 680, you would need to have $40,000 down plus $5000 in fees. The only way you might find a way to purchase a home with less cash up front will be to work with FHA. The FHA is still excepting borrowers with lower credit scores and down payments as little as 3.5%. Fannie and Freddy say they are focusing on keeping people in their homes and are not making new loans. The problem is that since Fannie and Freddie Mac are the only players in town for most mortgages, since private mortgage money dried up, there's not much to go around to help people who want to buy a home. The only way we're going to stop the downward spiral in home prices is to reduce the backlog of homes sitting on the market. While I'm not advocating that Fannie and Freddie Mac make risky loans, I am questioning whether the cash needed up front is realistic to help get homes sold and off the market. Would a 10% down be enough to secure the loan? That might make new loans more affordable and get homes off the market. We see mortgage applications rise, but hear that many people are being turned away because they don't qualify. Obviously, there are people ready to buy, so, me if I'm happy medium between safe landing and helping to stabilize the housing market and it’s pricing. Lee Epstein has written more than 25 books including The Complete Idiots Guide to Improving Your Credit Score and The 250 Questions You Should Ask About Buying Foreclosures.