FannieMae Home Loans, Now 3% down

[fishbait]

Thought I would share this:

Good news for future home owners. Fannie Mae just announced that beginning June 1, 2008 they will start accepting loan applications with a 3% down payment that are approved by their automated underwriting engine. Previous the down payment requirement had been 5%.

There have been 3% down loans available prior to this, but not at the "Fannie Mae" rates which typically are the best available.

Typically the down payment is the limiting factor for many first time home buyers, so this is good news. Coupled with the fact that we appear to be at or close to the bottom of the housing meltdown and as a result there are some good buys available on the market, hopefully this new limit will make it easier for some people to become home owners.

If anybody has any specific questions regarding this new loan limit or any other real estate financing questions, feel free to PM or e-mail me. ssalv@mtglender.com

Steve

[wthr4d]

Thanks for the update! I hope it holds long enough for us to get in on it. My wife is STILL looking for regular work.

Paul

[BalouSC]

Is this for first time home buyers only or for anybody? Balou

[Corkie Monster]

Good news for us too, we've been trying to sell our place since April 1st.

Here is a link, if anyone is looking in the Cornelius/Forest Grove area:
http://www.johnlscott.com/propertyde...1664960&Sort=0


CM

[fishbait]

Balou,

NOT limited to first time homebuyers.

FB