Yesterday, HousingWire reported that both Fannie Mae and Freddie Mac formally announced their 3% down options on home purchases. Fannie Mae’s plan will be effective December 13, 2014 while the Freddie Mac plan will be available March 23, 2015.
What does this mean for you?!
It means that many first time home buyers that have the money to pay a monthly mortgage ( if you live in downtown San Diego or coastal areas the cost of monthly rent can sometimes be more or equal to a mortgage payment) but lack the funds needed for a large down payment, you will now be able to purchase a property with as little as 3% down!
To read about the guidelines for each plan click the links below:
If you are interested in buying or property or know someone who is please call or email me today!
Lara Hamm, Realtor I 612-419-1234 Cell I Larahamm@bhhscal.com
If you would like to get more information and or to find out if you qualify for the new plans please email or call me and I’ll put you in touch with a Lender.