Banks Offering 3% Down On Home Purchases Once Again!
Banks Embrace Home Ownership Once AgainCheap Mortgage Rates Make Home Loans A Summer Bargain
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.
Mortgage rates are as cheap as they were last July! It’s still a great time to Purchase or Refinance. Read Article