Now you can buy a home with as little as 3% down and a 620 credit score

Fannie Mae and Freddie Mac, as promised, have announced new, lower down payment rates for “…first-time home buyers, borrowers who haven’t owned a home for at least a few years (Fannie Mae) and to those who have lower incomes (Freddie Mac). To qualify your credit score should not be lower than 620.

If you do qualify, you can probably get a better deal than that offered by the FHA.

Check with the bank or other lender to see when these new loans will be available.

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