3% Down: Could Help Many Achieve Homeownership

3% Down: Could Help Many Achieve Homeownership
"Depending on their credit history and other factors, many borrowers can expect to make a down payment of about 5 to 10 percent," Freddie Mac wrote in the blog. "And new 3 percent down financing options for qualified borrowers could mean a down payment as little as $6,000 for a $200,000 home." The timing for America Saves Week could not have been better for aspiring homeowners who are about to receive an income tax refund.
The recent lowering of the FHA mortgage insurance premiums down to 0.85 percent and the FHA lowering the down payment for qualifying homeowners down to 3 percent could make homeownership a reality for many Americans who previously could not afford a 20 percent down payment. What do I need to qualify for it?