Fannie Mae has announced down payment requirements will be lowered from 5% to just 3% for all conventional, conforming mortgages processed through its Desktop Underwriter® automated underwriting system, as of June 1. Loans processed outside the Desktop Underwriter® system will still require a 5% down payment.
This initiative, part of Fannie Mae’s “Keys To Recovery” campaign, will apply to borrowers all across the country, regardless of local market conditions. Since the biggest obstacle for many first-time home buyers is saving up enough money for a down payment, this is great news if you want to take advantage of the current Mobile AL real estate market!
Read the full article here, and please email me me or call me at 866-560-7474 if you need a referral to a reputable local lender! To learn more about Mobile AL real estate, please visit JudySells.com, or visit the MLS to begin searching homes.