Question:
“I keep hearing that there are low down payment conventional loans out there, for as little as 3% down. Is that correct?”
Answer:
Mortgage lending programs keep “evolving.”
A few months ago, Fannie Mae began accepting (buying) 3% down conventional loans up to $417,000 for the first time since the mortgage meltdown.
Well, they’ve changed their mind again and just eliminated that 3% regular financing program.
So, the minimum down for conventional loans has reverted back to 5%…at least until Fannie changes her mind again.
