How Does a 3% Down Payment Sound?
Homeownership is within reach-- believe it or not, you may already be 97% there. There's a growing trend in the housing market of increasingly low down payments. Already in 2015, 66% of all first-time homebuyers put down 6% or less on their new place. The National Association of Realtors detailed this phenomenon in a recent study. This can be attributed in part to Fannie Mae and Freddie Mac's newly implemented lending practices; looser lending guidelines now allow for creditworthy borrowers to put down 3%. This new 3% down payment option is making homeownership a reality and a feasible possibility for Buyers throughout the Nation. Tenants stuck in the "Renter's Trap" now have a new hope, a new reality. Simply stated-- homeownership is possible. Contact Dragas Mortgage Company today to see how close you are to your first home.