Happy Holiday - the best to you in 2015!

Wishing you all a very HAPPY HOLIDAY! 

I hope you have a chance to spend some time with good friends and family!

I wish you the best in 2015!

I hope if you have any real estate needs

you give me a call at

317-966-1790

OPEN HOUSE - Sunday 12/14/14 - Harness Lakes, Indianapolis, IN

COME SEE THIS GREAT HOME

7164 Harness Lakes

Indianapolis, IN

Perry Township School

SUNDAY, DECEMBER 14, 2014

1:00 - 3:00 pm

Listed to sell at $139,000

Harness Lakes Xmas

Harness Lakes Xmas

Breaking News - 3% Down Programs for buying a Home!!

Breaking News: Fannie and Freddie formally announce 3% Down Programs

Yesterday, HousingWire reported that both Fannie Mae and Freddie Mac formally announced their 3% down options on home purchases. Fannie Mae’s plan will be effective December 13, 2014 while the Freddie Mac plan will be available March 23, 2015. The HW article quotes FHFA Director Mel Watt:

“The new lending guidelines released today by Fannie Mae and Freddie Mac will enable creditworthy borrowers who can afford a mortgage, but lack the resources to pay a substantial down payment plus closing costs, to get a mortgage with 3% down. These underwriting guidelines provide a responsible approach to improving access to credit while ensuring safe and sound lending practices.”

This is great news to millions of purchasers that have been denied the opportunity to own their own home because of the almost impossible burden of saving for a 20% down payment.

Will these programs create future challenges?

Certain pundits fear that low down payment programs will create a wave of foreclosures down the road. Mr. Watt also addressed this concern:

“To mitigate risk, Fannie Mae and Freddie Mac will use their automated underwriting systems, which include compensating factors to evaluate a borrower’s creditworthiness. In addition, the new offerings will also include homeownership counseling, which improves borrower performance. FHFA will monitor the ongoing performance of these loans.”

We also recently addressed this issue.

Here are the direct links to the guidelines for each program:

Fannie Mae 3% Down Program

Freddie Mac 3% Down Program

Remember, as with any new program, there will be some confusion as it is unveiled. Contact a mortgage professional for a deeper understanding. Don’t have a mortgage person yet? Contact your local real estate agent for a referral.

Melissa Wyatt
MNLS #234601
Call or Text: 812-639-2041
HoosierLoanLady.com