FNMA Unveils new 3% Down Home Purchase Loan for First Time Buyers!

Well we have certainly seen some interesting products hit the market in 2014, but I believe that one of the most viable ones that will soon be available is Fannie Mae's 3% Down First Time Homebuyer product.  

There were lots of press releases last week introducing the product and I've had lots of calls about the upcoming program.  The biggest question has been "Is it out there and available to Consumers yet?".  The answer for me is 'not yet.' BUT I will have it available in the next two weeks.

Once I am able to offer it I will post all of the details, but in the meantime, here are some bullet points:

Qualifications:

·         fixed rate loans with terms up to 30 years are eligible

·         the home must be the primary residence

·         at least one of the borrowers should be a first-time home buyer

·         the loan balance must be lower than the area loan limit

·         the borrowers' annual qualifying income must not exceed 100% of the area median income

·         they have a private mortgage insurance requirement of 18% coverage, and so on. 

You can also click here to go to the FAQ section directly on FNMA's website.

Stay tuned for more details!