Monday, October 21, 2013

The home loan industry will soon have to adapt to new mortgage rules that go into effect.
November 16, 2013 - Fannie Mae Guideline Changes - No More 3% Down
Buyers will need 5% minimum down payment versus the current 3%. With the costs of mortgage insurance for FHA loans, the 3% conventional loans has been a popular alternative. If you are a new home buyer needing to utilize Fannie's 97% program you will need to be under contract by early November so your lender can get the loan to underwriting before November 16. Through W. J. Bradley (my company) the entire down payment can be a gift - no minimum borrower contribution required. Not all lenders allow this.Please call 7th Level Mortgage for more details.

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