3% Down Starts Dec. 13th
Unless you were obtaining an FHA loan which requires 3.5% down or have rights to a VA loan with 100% financing, your next option was a 5% down conventional loan. Though there is a common misconception you must put down 20% to purchase a home, many people try/want to put down 20% so they do not have to carry private mortgage insurance (aka PMI). Depending on the price of your home, PMI is a good extra chunk of change added to your monthly mortgage payment.
Well, your day has arrived. Come December 13th you will now be able to obtain a conventional Fannie Mae backed loan with only 3% down. What does all this mean? Well, it means that you can now buy a house with as little at 3% down with a decent credit score and debt to income ratio. Home ownership just got sweeter and more affordable!
For more scoop and details, check out this article.
Ready for Spring!
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Millennial. Southern. Professional, REALTOR in Columbia, SC.