Here’s a wonderful Christmas present for the First-time Homebuyers out there who have been unable to purchase a home because they lack the down payment funds necessary to qualify for a mortgage –
3% Down Payment is Coming Back!
Beginning in 2015, better credit borrowers will have the opportunity to apply for a Fannie or Freddie loan rather than an FHA loan — offering a lower down payment and lower mortgage insurance cost.
Fannie & Freddie will permit loans with as high as a 97 percent loan to value ratio if the borrower meets the following conditions.
- Must be secured by a single family owner occupied property.
- Only 30 year fixed-rate loans are eligible.
- At least one borrower must be a first time home-buyer
- Median income eligibility levels apply.
- Homeowner education required
This is great news for First-Time Home Buyers and Sellers too!
I would love to assist you in your home-buying journey – and this new financing option may be just what you’ve been waiting for –
Why pay rent when you can own!
If you are considering selling – this news is good for you too!
This change in guidelines opens up a whole new group of buyers who will be eligible to purchase your home.
Contact me today to discuss the many benefits you have when purchasing or listing your home with me.
We can make this happen for you!