Friday, November 15, 2013
Fannie Mae conventional 97, which allowed a very low 3% downpayment is going away today and the new downpayment required will be 5%.
The 3% downpayment could have come as a gift, from a blood or by-marriage relative, and should be the case with the new 5% requirement. The guidelines are less-restrictive than an FHA loan; rates are usually better than FHA and mortgage insurance is less. If you are sitting on the fence and planning on qualifying for the conventional 97, you may want to call you lender today and submit your application to underwriting. The downpayment requirement goes up November 16th.
This conventional 97 loan was backed by the government and offered via Fannie Mae only.
Call Dean with your questions about low downpayment loan options for purchasing real estate in steamboat Springs, Colorado.
Colorado Group Realty