Fannie Mae Going Forward With 5% Down Payment
Fannie Mae is increasing the skin you have to have in their game when you get a mortgage insured by them. Effective November 16th, Fannie Mae will require borrowers to put 5% down toward the purchase of a home. This change also includes Homepath and Homepath Renovation mortgages.
Gone are the days of a 3% down payment. It was good while it lasted and really helped borrowers with better credit and reserves. The 5% down could potentially be better than the FHA 3.5% down. I will leave that decision up to buyers and their loan officers. Loan Officers can give buyers expert advice on what path is the best one to take when choosing between FHA, Fannie Mae and other mortgage insurers.
Mortgage rates continue to be seriously low even with the recent bumps. We are still below a 5% national average. If you need to talk to a Loan Officer, give me a call for my recommendations. If you need help buying or selling property in the metro Atlanta, give me a call at (404) 418-8092 or (404) 246-3210.
Office 404-418-8092 Cell 404-246-3210 Fax 404-991-3770