First time home buyers!
Actually only one of the co-borrowers needs be first time home buyers. Fannie Mae and Freddie Mac are both offering 3% down on a conventional mortgage effective immediately. (Until now, 3% could only get you an FHA loan… with higher loan closing costs.) This program has not been available since it was taken away in March 2011.
Still need to come up with that down-payment? Yes, you can receive gifts from relatives! In respect to Fannie Mae’s program, acceptable donors are your fiancée, domestic partner, spouse, child or other dependent, or any individual related to you by blood, marriage, adaption or legal guardianship, according to Andrew Wilson, senior director of Media and External Relations at Fannie Mae. You may also pull funds from retirement accounts (but not borrow against your IRA).
If you have been waiting to buy because you didn’t have enough down payment, this may be the solution you need. Get started on pre-approval for you new home, now. Call me for a great recommendation on a local lender and give yourself a very merry Christmas! 🙂
You deserve it!
- If you are a Seller, this is important news for you too! The pool of qualified home buyers just got bigger. If you thought that selling over the winter was but a (frozen) pipe dream, think again. The market is still hot and buyers are still hungry – and qualified.
- If you are an investor or this is not your first time on the mortgage loan merry-go-round, this is not the program for you. BUT, we should still talk. 2015 is coming up fast, talk to your tax professional and to me… Let’s discuss what is your best buying and/or investment strategy is and make it happen for you in 2015!
