Fannie Mae has recently announced that they are re-instating their 3% down payment program for qualified home buyers.
The main difference between this new version and the previous 3% down Conventional mortgage is that this new version requires that at least one borrower be a first time homebuyer.
Like all Conventional mortgages with less than 20% equity, this program will require mortgage insurance. Conventional mortgage insurance premiums vary according to the credit score but when comparing this program to other low down payment programs such a FHA this looks to be the cheaper alternative.
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