If you have been considering buying a Condo or a townhome you maybe able to do so with as little as 3% down.
That is definitely a big change over the 20% down payment required up and tell Fannie Mae and Freddie Mac released their new 3% loan that will be starting very soon.
Since the fall out of the real estate market had different loan programs being changed, lending restrictions becoming more difficult, we have seen that Fannie and Freddie have loosened up these 3% guidelines.
We have also seen as condo and townhome buyers are becoming more and more mainstream.
The problem is that single-family residences have them priced out of the real estate market.
But there was no other type of loan program they could use to approach purchasing a condo or townhome besides one that required them to put 20% down.
That’s a positive change today, where a real estate buyer would have had to be concerned about whether or not a particular condo or townhome community happens to be FHA approved.
Now they can sidestep that with utilizing the Fannie or Freddie 3% down loan.