More Good News for Homebuyers!
- 97% Conventional Purchase Loans Are Back!
I am again pleasantly surprised, twice in one week! Consumers are getting another break, this time from Fannie Mae and Freddie Mac, aka Conventional lending, by bringing back the once defunct 3% down loan!
Competing with FHA
This is to compete with FHA, who requires 3.5% down payment. However, that's not to say that your total investment into the deal is less, because conventional loans do not allow the sellers to pay more than 3% of the sales price towards the buyers closing costs, and they require reserves. (Extra money in the bank for emergencies). But all-in-all, this tells me that lending is loosening up!
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Recent Comments
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Thanks Christabelle! I think it is a huge move on the part of the Fannie and Freddie lenders. I am not convinced that less "skin in the game" is what started the downward spiral of the mortgage meltdown.
Evidently there were other factors, because the 97-100% purchase loans performed fairly well. Thanks for reading!
Hi Chris, I checked out your site, and wanted to say that I have also spent much time in a physical rehab center following a horrible auto crash that changed my life. I sure hope that you are well now! Bless you!
Much Better thank you! I hope you are doing well also! God's Blessings to you, Christa :)
Very happy for you:). I just wish lenders in Australian will follow the suits, but it hardly will. The price of property here is predicted to increase 4% this year
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This is interesting. 3% down has been unheard of.
Yes Sui, it left the market in 2007-08! Mostly because the mortgage insurance companies would not insure them. Thanks for your comment!