Friday, January 23, 2015

3% Down Payment Financing now Available for 1st Time Home Buyers!

Low Down for 1st Time Borrowers
Mortgage giants Fannie Mae and Freddie Mac announced Monday that first-time home buyers can now qualify for loans with down payments as low as 3 percent.

Freddie Mac launched the new program, Home Possible Advantage, a conventional mortgage with a 3 percent down-payment requirement geared to low- and moderate-income borrowers. It's a conforming conventional mortgage with a maximum loan-to-value ratio of 97 percent. To qualify, first-time home buyers are required to participate in a borrower education program.

With Fannie Mae's 3 percent down-payment offering, borrowers must still meet standard eligibility requirements, including underwriting, income documentation, and risk management standards. Any buyer can take advantage of Fannie's loans as long as at least one co-borrower is a first-time buyer. The loans will require private mortgage insurance.

From the Daily Real Estate News,  Tuesday, December 09, 2014 edition.
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The Foster Beckman Group would love to help you find your new home or sell your current home. We work closely with all of our home buyers and sellers to help you find the right home at the best price for the least amount of stress! Call us today at 702.686.2695.