The FHFA announced back in October a number of steps to increase mortgage availability to first-time home buyers.
Fannie and Freddie have now officially approved 3% down payment mortgages for those who can afford a mortgage but lack the resources for a large down payment.
The FHFA will continue to monitor these types of loans and take precautions to evaluate the creditworthiness of the borrower.
This is exciting news as it applies to millennials, waiting to jump into home-ownership.
Millennial house-holds are expected to increase significantly and drive a large portion of first-time home sales in 2015.
Starting next week, Colorado Mortgage will have access to a 3% down conventional loan.
Contact us with any questions, and we look forward to great things in 2015!
303-800-4595 | email
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