New Low Downpayment Mortgage Program

Fannie Mae and Freddie Mac announced a new mortgage program.  The new program will finance up to 97% of the appraised value of a home.  This would allow home buyers to purchase a new home with only a 3% down payment.  If a home buyers credit is less than perfect, FHA also offers a program with only a  3.5% down payment.

If a home buyer is a veteran, then a VA loan is a wonderful option.  VA loans offer 100% financing, and do not require mortgage insurance.  Also, VA loans usually offer interest rates somewhat below those of a conventional loan.

USDA loans are offered by the US Department of Agriculture.  Many homes in our rural area qualify for USDA financing.  USDA loans will finance up to 100% requiring no down payment for many buyers.  They are typically for a first-time home buyer, or a home buyer moving from a mobile home, for instance, to a nicer stick-built home.  There are also income limits for these loans.

For home buyers interested in purchasing more expensive homes (over $417,000) there are new, lower rates for “jumbo loans”.

If you are interested in purchasing a first home,  moving into a larger home, or maybe you are retiring and want to downsize your home, we can put you in touch with a loan officer who can assess your situation, and suggest the perfect loan for you.