"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.