The SCOOP! Blog by ChangeMyRate.com®

3% Down Checklist

April 2nd, 2015 8:54 AM by Jackie A. Graves, President

Spring Homebuying Series - 3% Down Checklist

Just in time for the spring homebuying season, Freddie Mac's new 3% down mortgage, Home Possible AdvantageSM, is available at a lender near you.

Is this mortgage for you? See our checklist below.


 

 

Are you a first-time homebuyer?

http://www.freddiemac.com/blog/images/green_checkmark.jpg

Do you want to refinance your current mortgage without taking any cash out?

http://www.freddiemac.com/blog/images/green_checkmark.jpg

Do you earn at or below the local median area income?

http://www.freddiemac.com/blog/images/green_checkmark.jpg

Are you planning to live in the home?

http://www.freddiemac.com/blog/images/green_checkmark.jpg

Is your credit ok?

http://www.freddiemac.com/blog/images/green_checkmark.jpg

Do you have funds to cover the down payment and closing costs? (they do not have to be your own funds)

http://www.freddiemac.com/blog/images/green_checkmark.jpg

If you're a first-time buyer, are you willing to participate in a borrower education program?

http://www.freddiemac.com/blog/images/green_checkmark.jpg

 

If you checked the box for many of these questions, Home Possible Advantage may be for you.  But don't despair if you didn't - you don't need to have everything in this checklist to qualify.  For example, while the product is a good fit for a first-time homebuyer it's not one of the program requirements. And if you live in an underserved market, local median area income requirements do not apply. See our 3%: Your Top Questions Answered blog to get more information.

 

Even if you don't qualify for Home Possible Advantage you have a number of other choices.  A growing number of today's buyers are putting down between 5 and 10%. Sure, you'll have to pay PMI, but it means you'll be able to take advantage of today's historically low mortgage rates and affordable home prices in many parts of the country. Talk to a lender today.

 

Read other posts in our Spring Homebuying series.

 

To view the original article click here

Posted by Jackie A. Graves, President on April 2nd, 2015 8:54 AM

Archives:

My Favorite Blogs:

Sites That Link to This Blog: