First Time Buyer 3% Down Payment Program 2014
Fannie Mae and Freddie Mac are stepping up to the plate and bringing back their 3% down payment program to help first time buyers with their down payment requirements. The maximum loans available for this type of program will vary based on the County/City of where the home is located. A 3% down payment will make it much more feasible for buyers to attain their goal of buying a home.
According to a post in the American Press (December 11, 2014)……
“The new loans announced by Fannie Mae and Freddie Mac will be fixed-rate mortgages for up to 30 years, available only on a primary residence. Fannie plans to begin issuing the 3 percent loans before the end of the year. Mortgage insurance payments will be required, and qualified buyers will need to complete a financial counseling program.
Freddie Mac plans to start issuing its 3 percent loans to low- and moderate-income borrowers in March 2015. Eligible borrowers will be required to earn less than an area’s median income and will also have to pay mortgage insurance and undergo financial counseling to participate. Monthly payments also will have to fall under 43 percent of the borrower’s income.”
To find out if you qualify for this type of loan, check with a mortgage lender.
Filed under: Real Estate
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