BREAKING NEWS - 3% Convetional Going Away

Wouldn't you know it - as soon as I make a video blog talking about Fannie Mae's 3% down payment option, they send out a release saying they're taking it away.  Of all the luck!

The good news is that we have a little time.  Right now, Fannie Mae will allow buyers to put as little as 3% down on the purchase of a primary residence.  Effective November 16th, that will go away and the minimum down payment will increase to 5%.

What to do

Time moves fast, so talk to all of your conventional buyers now.  Tell them that the 3% option is going away so, if they want to use it, they need to get serious about their home shopping.  If the lender they are currently working with doesn't offer the 3% option, connect them with me.  As long as their file is started by that November 16th date, we can still use that lower down payment option.