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.

 

http://dsnews.com/news/12-08-2014/gses-officially-lower-down-payment-to-3-percent-for-qualifying-first-time-homebuyers?utm_source=DSNews.com&utm_campaign=a679ecbc1f-Your_Daily_Dose12_9_2014&utm_medium=email&utm_term=0_1924082bfe-a679ecbc1f-174695493

 

 

- Sunil Sethi

SUNIL SETHI REAL ESTATE

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