3% Down Payments May Be Game Changer
Fannie Mae and Freddie Mac has announced that first-time home buyers can now qualify for loans with down payments as low as 3%. Freddie Mac launched Home Possible Advantage, a conventional mortgage with a 3% down-payment requirement geared to low- and moderate-income borrowers. To qualify, first-time home buyers are required to participate in a borrower education program. With Fannie Mae's 3% down-payment offering, borrowers must still meet standard eligibility requirements, including underwriting, income documentation, and risk management standards. At least one of the co-borrowers must be a first-time buyer. The loans will require private mortgage insurance.
Read article - Realtor Magazine
Fannie Mae and Freddie Mac has announced that first-time home buyers can now qualify for loans with down payments as low as 3%. Freddie Mac launched Home Possible Advantage, a conventional mortgage with a 3% down-payment requirement geared to low- and moderate-income borrowers. To qualify, first-time home buyers are required to participate in a borrower education program. With Fannie Mae's 3% down-payment offering, borrowers must still meet standard eligibility requirements, including underwriting, income documentation, and risk management standards. At least one of the co-borrowers must be a first-time buyer. The loans will require private mortgage insurance.
Read article - Realtor Magazine
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