Exciting news for first-time homebuyers!
Buying a home is about to get easier...Fannie Mae is easing some qualification requirements, making conventional loans more accessible for first time homebuyers.
- 3% down on Fixed Rate Mortgages (FRM)
- 5% down on Adjustable Rage Mortgages (ARM)
- Debt to income ratios are increasing from 45% to 50%
- More self-employed borrowers will be elegible to only provide 1 year of income tax returns
- More automated home evaluation
- Relaxed guidelines for student loans
Contact your Premier Mortgage lender for more information!