Today Fannie Mae, a government entity that helps ensure that Americans can become homeowners, announced an improved option for qualified first-time home buyers, which allows them to buy with as little as a 3% down payment. On a $150,000 home purchase, that is less than $5,000 down and with today’s interest rates, your monthly payment would be around $1,000 (including Principal, Interest, Taxes and Insurance [PITI]). You still have to meet their standards of income and credit, and really, that’s just because they want you to be able to keep the home that you buy.
Two important things to remember; 1. A “first-time homebuyer” (in their eyes) is someone who has not had a mortgage in the past two years. (pretty cool, huh?) 2. The down payment can be a gift from a family member.
You can read more about the announcement here on Fannie Mae’s web site;
Would you like to search for your first home? Click the link below to search for single family homes between $125,000 and $175,000 in Southwest Las Vegas
Would you like to find out if you qualify for this 3% down program?