Tag: fannie mae
Mortgage lenders allow financial gifts to first time home buyers that can be used towards the down payment on a home. These gift funds are a valuable tool for first time home buyers and may be used for conventional loans, FHA, USDA type loans, and even VA. However, they are most commonly seen paired with conventional and FHA type loans. In fact, many first time home buyers are happy to learn that FHA gift funds can reduce their required cash to zero!
FHA Mortgage – Offers low down payments and is backed by the U.S. Government. –
USDA Mortgage – Zero down payment mortgage available in rural areas. –
Conforming mortgage – Mortgages which meet the guidelines of Freddie Mac and Fannie Mae offer down payments as low as 3%.