Good news for people shopping for a new home—some homebuyers may be eligible to make a down payment as low as 3 percent under new lending guidelines announced in December 2014 by Fannie Mae and Freddie Mac.
The new loans will be 30-year fixed rate loans made to qualified buyers for primary residences, although policies may vary between lenders. These loans are great news for first-time buyers. Designed to help them the most, the new loans will require significantly less money up front, but will require mortgage insurance and completion of a financial counseling program.
New opportunity means more first-time buyers will be able to start on the path to home ownership, and there’s no better way to find your perfect new home than New Homes Guide. Our full-color guide has maps and photos of new communities in all the best locations, plus gorgeous views of all of the latest homes that builders are offering.
Both online and in print, New Homes Guide has the tools that you need to find a beautiful new home. Find even more news and an array of helpful tools that you can use to make your home search easier at NewHomesGuide.com. Our resources section is full of information about finding the right home, industry terminology, relocation tips and other useful articles to help you learn more about buying a home.
Don’t wait to get your January/February issue of New Homes Guide and start finding your dream home, and take advantage of the new down payment eligibility guidelines.