Tuesday, October 22, 2013 - Article by: Joe Metzler, MLO. NMLS #274132 - Mortgages Unlimited, Inc -
Now that Fannie Mae is ending 3% down program. Are there other low down payment options besides FHA?
The good news is YES!
Once Fannie closes their 97% LTV door, many state Housing Finance Agencies will still continue to offer 97% programs, and it's still a much better option for many buyers than the now grossly overpriced FHA loan. Check with a good loan officer in your state for what is available in your area, but here in Minnesota, we have a great program available through the Minnesota Housing Finance Agency, that should be similar to what is available in other states.
As this is a bond down payment assistance program, there are additional income and other eligibility requirements.
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