5% Down to $625,500 and more good news
Thanks to Fannie Mae changes Saturday, we no longer require 10% down on loan amounts of $417,001 to $625,500; now primary residence purchasers only need to put down 5%!
Also, all of the down payment can come from family gifts, even when the buyer is purchasing with a co-signer.
Conforming financing is now easier and conforming mortgage insurance costs just decreased this month as well. This makes a low-down-payment conforming loan a great alternative to FHA financing.
It’s especially easier when considering purchasing a condominium.