3% Down payment from Freddie and Fannie is back. Check with your lender

So the down payment option is reduced from 3.5% that FHA requires.

FHA also requires a 1.75% upfront MI fee and a monthly MI fee. Not sure how this will compare.


Right now the most interesting low down program is from Wells Fargo. They’ll offer you a no MI loan with 5% down at an interest that is only slightly higher than the market rate and but below what it would cost with a monthly mortgage insurance requirement.


Talk to Wells Fargo and to Citi to see who can be more competitive.





- Sunil Sethi


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