In an effort to increase more low-income and first time home buyers, Fannie Mae and Freddie Mac announced on Monday December 8th that they will start backing mortgages with 3% down payments. Borrowers still need to meet strict lending guidlines like having a credit score of at least 620, provide complete documentation of their income, assests and job status. The two goverment backed mortgage agencies will require borrowers to recieve home ownership counseling as well.
Contact us for more information about the new options available!
At Mann Mortgage, employees can be credited with the company’s success in celebrating 25 years of mortgage services and placing first for the large size company category in this year’s Best Places to Work contest two years running.