On Monday (12/7/14), Fannie Mae and Freddie Mac announced that first-time home buyers can now qualify for loans with down payments as low as 3 percent. While NAR applauds the move by the Federal Housing Finance Agency, which oversees Fannie and Freddie, for ensuring responsible home buyers will have access to safe, affordable mortgage credit. Others worry that this is risky... do you think the past issue with high loan default was due to not enough skin in the game or less than 20% down? Others claim no, it was loans with no documentation / low fico score levels, or falling values in some major markets. Interesting discussion and we shall see the impact, but for right now, it has the potential of opening up new housing opportunities for some Berkshire buyers or turn renters into owners. The loan basics are as follows:
Posted on: Wed, 10 Dec 2014 14:58:49 +0000
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