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March 30, 2015

3% Down Checklist

Homeownership

Spring Homebuying Series - 3% Down Checklist

Just in time for the spring homebuying season, Freddie Mac's new 3% down mortgage, Home Possible AdvantageSM, is available at a lender near you.

Is this mortgage for you? See our checklist below.

  
Do you want to refinance your current mortgage without taking any cash out?

Do you earn at or below the local median area income?

Are you planning to live in the home?

Is your credit ok?

Do you have funds to cover the down payment and closing costs? (they do not have to be your own funds)

If you're a first-time buyer, are you willing to participate in a borrower education program?

If you checked the box for many of these questions, Home Possible Advantage may be for you.  But don't despair if you didn't - you don't need to have everything in this checklist to qualify.  For example, if you live in an underserved market, local median area income requirements do not apply. See our 3%: Your Top Questions Answered blog to get more information.

Even if you don't qualify for Home Possible Advantage you have a number of other choices.  A growing number of today's buyers are putting down between 5 and 10%. Sure, you'll have to pay PMI, but it means you'll be able to take advantage of today's historically low mortgage rates and affordable home prices in many parts of the country. Talk to a lender today.

Read other posts in our Spring Homebuying series.

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