Fannie Mae launched the new loan program on December 13, aimed to help first-time home buyers purchase a home.
- Only one person of a couple purchasing the home needs to qualify as a first-time buyer.
- Conventional financing will be offered to cover 97% of the value of the home (97% LTV).
- Beats the more restrictive and more costly FHA financing (with higher Mortgage Insurance Costs, including 1.75% upfront MIP added to your loan.)
- Loans will finance single family houses. (Manufactured housing will not qualify.)
- Loans will be fixed-rate loans only.
Fannie’s new program addresses the reality that the principal impediment to first time buyers is saving enough money for a down payment plus added closing costs in today’s challenging economy. While nay- sayers will bemoan the new program with a “Here we go again!” mantra, the new loans will make the bedrock of the American Dream, Home Ownership, available to many more qualified Americans.
This is very good news for first-time home buyers in Nevada County and Placer County! Contact a trusted Full-Time Real-Estate Sales Professional. We can help you with access to the new programs and find the home of your dreams in Grass Valley, Nevada City, Penn Valley and surrounding cities and counties.