One of our preferred lenders, Wells Fargo, has just announced a new home loan program that offers a down payment of as little as 3% for fixed rate mortgages, lower out-of-pocket costs, expanded credit criteria and incentives for home buyer education to help more 1st time home buyers and low to moderate income families achieve sustainable home ownership.
This is great news for all Millennials! Lets face it, most millennials are not savers, so the idea of them saving enough money to be able to put 10% down on a new home just isn’t realistic. That is why Wells Fargo along with Fannie Mae came up with yourFirst Mortgage.
Here are a few highlights about this new mortgage opportunity:
- You can get a conventional mortgage with a down payment as low as 3%.
- You can use down payment and closing cost sources like gift funds and down payment assistant programs.
- You can qualify with income from rentals or from someone who lives with you but isn’t a borrower.
- You can show credit history from sources like rent, tuition, and utility payments.
- By taking homebuyer education, you may qualify for an interest rate reduction if your down payment is less than 10%.
For more information on yourFirst Mortgage, Click Here.