Fannie Mae and Freddie Mac announced in early December conventional loan programs that allow for first-time buyers with good credit to qualify for a fixed rate mortgage with only a 3% down payment. This means that first-time buyers can get a conventional loan with only 3% down instead of the typical 5% down. Of course the buyers have to qualify for the program and the home has to be their primary residence.
There are several other low down payment loan programs available, some that range from 1% to 5% and the money can be used for a down payment or for closing costs. In Arizona there is the Home in 5 Program which is a down payment assistance program. This program offers 5% of the loan amount towards your down payment for homes in Maricopa County. There is a cap of $15,000 in home loan down payment assistance. And of course the buyer has to qualify for the program. The max loan amount of $300,000.
If you would like additional information about other low down mortgage programs speak to your mortgage professional. If you need the contact information for local mortgage professionals please feel free to contact Cinda Rose at 623-252-9350. Or you can email to cinda@wvhometeam.com.
