Would you Carry out step three% Upon a traditional Financing?
This article discusses Fannie mae and Freddie Mac’s % down-payment traditional financing system to have earliest-go out homeowners. Fannie mae and you can Freddie Mac’s objective is to purchase mortgages out of banks and loan providers and render homeownership.
Fannie and you may Freddie should make homeownership offered to the average hard-functioning household members which have entry to borrowing from the bank having homebuyers, particularly first-big date home buyers. The 3 % down payment conventional loan program was re also-introduced by Government Housing Financing Agencies (FHFA) to take on HUD’s step 3.5% advance payment FHA finance.
First-date homebuyers who haven’t owned a house in past times three ages are eligible to have a conventional loan with a beneficial step three% down-payment courtesy Federal national mortgage association and Freddie Mac’s step three Per cent Down Fee Traditional Financing program. (more…)