Fannie Mae's 3% down payment loan is making a comeback. after mortgage insurance firm Mortgage Guarantee Insurance Company (MGIC), has announced that it will issue mortgage insurance for the 97% LTV loans where the down payment was gifted.
That means a buyer can essentially buy a home with $0 down payment out of their own pocket if they can get a gift from a direct relative or qualified non-profit. Sterling Savings will offer this option for home buyers.
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