Banks Offering 3% Down On Home Purchases Once Again! - Home Loan Experts with Great Mortgage Rates Serving Colorado, Florida, Illinois, Indiana, Michigan, Minnesota, Tennessee and Wisconsin

Tuesday, July 12, 2011

Banks Offering 3% Down On Home Purchases Once Again!

Banks Embrace Home Ownership Once Again
Banks across the country are once again embracing homeownership through somewhat relaxed underwriting guidelines. Recently, several mortgage insurance companies have released guidelines that allow new buyers to purchase a home with as little as 3% down. These buyers must have good credit (680 or higher credit scores) and at least 3% of the sales price in their own saved funds. In addition, banks and mortgage insurance companies now permit buyers with credit scores as low as 620 to purchase a new home with as little as 5% down. This is contrary to the popular belief that banks will not lend to a new home owner unless they have 20% down or more.

Cheap Mortgage Rates Make Home Loans A Summer Bargain -
Mortgage rates are as cheap as they were last July! It’s still a great time to Purchase or Refinance. Read Article

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