Did you know… down payment requirements have changed
Did you know… According to this survey on yahoo finance, the #1 reason for renting and not buying a home, is because they don’t have money for a down payment, in fact over 53% of people in this study confirmed this.
Did you know that ALL of the down payment on conventional 5% down financing can now be gifted to buyers? Also, as you may know by now, conventional loans will, starting Monday, allowing first-time buyers to put only 3% down again- this is HUGE news! More details will be forthcoming over the next few days and we will share them.
All of the down payment funds can also be gifted on FHA financing too, which is a minimum amount of 3.5%. Were you aware of this?
Have a great weekend, and please let me know if you have a client needing some questions answered, or for a prequalification. If you have a client with a loan that looks like it might not be able to close this month, let us know, and we can see if we can close it! Our process is very fast!
by Brian Smith, Senior Loan Advisor
Movement Mortgage: email@example.com Phone: (615) 525-8094
Written by Kenneth Bargers
December 13, 2014 at 8:16 pm
Posted in real estate
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