3 Percent for Qualifying First-Time Homebuyers: Following months of talk and speculation, both
Fannie
Mae and Freddie Mac announced on Monday they will begin allowing
qualifying first-time borrowers to purchase homes with just a 3 percent
down payment. By
lowering the down payment down to 3 percent, leaders from the GSEs and
the Federal Housing Finance Administration (FHFA) hope to increase
home ownership and particularly household formation by offering loans to
those who can afford mortgages but lack resources to make a 20 percent
down payment plus closing costs.Likewise, Fannie Mae is now offering mortgage loans with a maximum 97 percent LTV ratio to qualifying first-time homebuyers, Read more.
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