Is this a thing? One mortgage lender is saying there is a cap/ income limit but two others are giving me quotes on 3% down.
Make a total of 150k a year, if that helps.
Have done some Google fu and I can’t seem to find a concrete answer
Is this a thing? One mortgage lender is saying there is a cap/ income limit but two others are giving me quotes on 3% down.
Make a total of 150k a year, if that helps.
Have done some Google fu and I can’t seem to find a concrete answer
Only if you’re not a first time buyer and trying to the the Fannie Mae home ready program. If you are a first time homebuyer Fannie Mae can do a loan with only 3% down.
Downsides are MI coverage rate of 35% vs 30% with 5% down, but MI could still be low with positive compensating factors. And usually about 0.5 in points is what Fannie charges.