It's all here! News on the Tucson real estate market, tips and information for your Tucson real estate needs, and my occasional "likes" about Tucson and all the things we love about it. Read on!

Tuesday, December 30, 2014

Fannie Mae Looking to Expand Loan Availability: 3% Down is Back for First Time Buyers

My good friend Barb Smith at Sunstreet Mortgage sent me a quick update on the new Fannie Mae loan program, designed to open the homes market to more first time home buyers.  Here is what Barb has to say:

"Last week Fannie Mae introduced a 97% LTV home loan. Effective immediately, your first time home buyers with a mimimum 3% down payment, can avoid the funding fee and very expensive monthly mortgage insurance of the 3% FHA mortgage and go conventional. Yes, there is monthly mortgage insurance for this conventional mortgage, but its considerably less than FHA's.  And, Fannie Mae considers a "first time home buyer" anyone who has not owned a home for 36 months."

Yes, low down payment loans are coming back.  There are still some strict criteria to meet including a credit score of 620 and documentation of income, assets and job status.  But this is still a great opportunity for many first time buyers. So give Barb a call for details. Then let's get to work to find that special Tucson home for you.

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