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!
The Midlands continues to grow and prosper by attracting big-name retail stores to the area. The latest to open: Anthropologie. This is a big deal for our little downtown/intown area of Columbia. Most larger retail stores seem to like to set-up shop in the suburbs of Columbia such as Harbison Rd. or Sandhills, so you can imagine the anticipation of excitement from the area locals. Anthropologie opened in the ever so popular Trenholm Plaza which holds uber convenient location for Forest Acres and the rest of downtown residents/workers. Trenholm Plaza also hosts Starbucks, Publix, Loft, local restaurants, and the new J.Crew - just to name a few. Best of all, the parking lot is huge and free!
The opening of Anthropologie came just in the nick of time for the holiday shopping season by officially opening its doors on November 21st. My friend and I had the pleasure of attending the private previewing party held the night before which was a special treat. Anthropologie does it right for their customers - go check them out and support our newest neighbor!
Millennial. Southern. Professional, REALTOR in Columbia, SC.