For a Fannie Mae Conventional loan, the minimum down payment requirement currently is 3% of the purchase price. However, starting November 16th, 2013 this will be eliminated and replaced with a 5% minimum down payment.
Even though an increase of 2% does not seem like a lot, this can affect someone looking to purchase their new home.
There are other options out there that are available to potential home buyers such as FHA loans. These loans only require a minimum down payment of 3.5%. However, in addition to the 3.5% down payment, FHA loans also require mortgage insurance. Mortgage insurance can be obtained with 1.75% paid up front along with a 1.35% annual cost.
If you are looking to obtain financing to purchase your new home and have questions on how this change will affect what type of financing you choose, please feel free to give me a call!
Author:Carlie Goulet Emily Duarte Phone: 480-999-2338 Dated: October 8th 2013 Views: 261 About Carlie Goulet: What We Stand For
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"I had an awesome experience as a first-time home buyer thanks to Carlie. She was super helpful, always returned all our calls promptly and walked us through every step of the way which made it a pleasant experience and less stressful. Even after we bought the house she would still answer our phone calls and any questions we had. You´re the best Carlie!"