North Carolina is Approved to offer 3% down Conventional Loans
Recently we posted information about Fannie Mae increasing down payment requirements. Click Here.
Breaking News through North Carolina Housing:
As we have learned Banks and Lenders, effective with the release of updated automated underwriting software November, 2013, Fannie Mae eliminated all of their 97% LTV loan products from the general markets. However, there was an exemption granted to state housing finance agencies (HFAs). North Carolina Housing Finance Agency, was granted the authority by Fannie Mae to continue delivering the Preferred 97% LTV product.
This will give borrowers the opportunity to obtain conventional loans vs FHA loans. One huge benefit is Conventional loans have lower private mortgage insurance cost, compared to FHA loans.
Contact Phil for more information on this exciting update for North Carolina.