Fannie Mae is now offering a 3% Down Payment option! This is a program available to First Time Homebuyers only. What this means is that at least ONE of the borrowers cannot have had any ownership interest in a property within the last 3 years.
Who is this good for?
This is a great option for borrower’s with good credit, good income, but not a lot of assets. Think recent college graduates who have great income, but don’t have a lot of money to put down. Or maybe newly married couples who now have 2 incomes to qualify, but just don’t have a lot of money in savings.
Why choose this option over an FHA?
With the FHA loan limit being $271,050 for a single family home, this can be limiting to buyers who want to purchase a higher priced home without having to put more than 3% down. This gives buyers more purchasing power, even if they don’t have the money to put down 20%.
Article provided by:
Heather S Gilstrap
NMLS# 902110
Mortgage Loan Consultant
Legacy Mortgage LLC
Direct: 505.358.2558
Apply On-Line: www.heathergilstrap.com
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