Let’s face it, for most first time home buyers, coming up with the traditional 20% down payment is an almost insurmountable hurdle. But coming up with a mere 3% down payment – now that’s within reach of most prospective 1st time owners.
So when Fannie Mae announced a new 3% down payment assistance program in December, it was widely predicted that first time buyers would flock to the newest opportunity for down payment assistance.
Surprisingly, only a sparse few have.
National Mortgage News has more:
Despite being introduced to the market with great fanfare, Fannie Mae’s 3% down payment mortgage offering has yet to gain much traction with lenders and consumers.
Fannie Mae acquired 9,000 mortgages with loan-to-value ratios between 95.01% to 97% from 600 lenders during the first half of 2015, representing less than 1% of all loans Fannie purchased during that period, according to regulatory filings.
“We have seen some pickup there but overall, it has been pretty modest,” Fannie Mae CEO Timothy Mayopoulos said during a conference call Thursday with reporters.
>> read the full story at nationalmortgagenews.com