Original written by: http://mymortgageinsider.com/conventional-97-ltv-program/ Home buying just got a lot easier. Fannie Mae and Freddie Mac, the country’s two main mortgage rule setting agencies, now allow home purchases with just a 3% down payment. The new 97% loan-to-value (LTV) purchase program allows homebuyers to purchase a single family home, condo, co-op, or PUD without coming up with a full 5% down payment as previous guidelines mandated. The changes went into effect December 13, 2014. Now that conventional 3% down loans are a reality, buyers have a real alternative to FHA. [...]
Original article from: http://www.marketwatch.com/story/new-mortgage-rules-help-millennial-home-buyers-2015-01-28 First-time home buyers, many of them millennials, will receive some long-awaited mortgage assistance this year thanks to recent moves in Washington. The administration earlier this month cut the premium that borrowers with a Federal Housing Administration loan must pay for mortgage insurance to 0.85% from 1.35%. The half a percentage point reduction will reduce the cost of the average FHA loan by about $1,000 per year. Meanwhile, Fannie Mae and Freddie Mac last month [...]
Original written by: https://www.redfin.com/blog/2014/06/going-from-renting-to-buying-a-home.html#.VhLLJBOb5sM So you’ve decided it’s time to leave the world of renting and buy a home. If you’ve always rented, you’re in for quite a few changes as you look to buy. Here are five things to look out for as you start the process of buying a home. Get Your Credit in Check Before you start dreaming about white picket fences or painting the walls your favorite color, you need to make sure you have a credit score that will make the banks want to give you a mortgage. In general, the higher [...]