Fannie Mae announced this week that, beginning June 1, it would lower down payment requirements from 5% to just 3% for all conventional, conforming mortgages processed through its Desktop Underwriter® automated underwriting system. Loans processed outside the Desktop Underwriter® system will still require a 5% down payment.
Part of its "Keys To Recovery" campaign, this initiative will apply to homebuyers all across the country, regardless of local market conditions. Since the biggest obstacle for many first-time home buyers is saving up enough money for a down payment, this is great news if you want to take advantage of the current HuntsvilleAL real estate market!
Read the full article here, and please email me or call me at 256-508-0211 if you need a referral to a reputable local lender! To learn more about HuntsvilleAL real estate, please visit MoveToHuntsville.com, or visit MoveToHuntsville.com to set up automated emails containing new listings that match your search criteria.