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

Great Home in Indianapolis, IN Perry Township - $139,000.

Click on the following link for a virtual tour of this great home!  Please give me a call if you would like a personal showing of this lovely home!
http://www.listingbooster.com/vtour/12318755

Great Home in Perry Township, Indianapolis, IN - Priced Right to Sell at $139,000!

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Lots of updates!

3 bedrooms/2.5 bath

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(317) 966-1790

7164 Harness Lakes

Indianapolis, IN 46217

$139,000.

Harness Lakes- Open House Sunday 11/9/14 from 1:00 -3:00pm

Harness Lakes

New Listing - Indianapolis, IN - Perry Township $139,000 - Open Sunday 11/9

BRAND NEW LISTING

OPEN HOUSE this SUNDAY 11/9/2014

1:00 - 3:00 pm

7164 Harness Lakes Drive in

Popular Harness Lakes Subdivision off of Southport Road

Listed for $139,000

This home won't last long - lots of updates and great homeowner pride!!

Looking to BUY or SELL your home in Johnson County, Greenwood Area?

Thinking of BUYING or SELLING??

There are still people who need homes this time of the year!

Interest rates are very good now!

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Just give me a call at:

(317) 966-1790