It’s not as widely used as their 5% down product (due to higher rate / MI), but it’s still an option.
On November 16, 2013 this option will no longer be available. Fannie Mae is doing away with their 3% down option.
There are other low down loan options: VA, USDA, FHA, etc.
Rate News…
The jobs report came in at 126k for private payroll creation. This was short of the 180k forecast. Result was a rally in the mortgage rate market yesterday.
Hopefully this keeps up, although today is a slow economic news day.
That’s it for today!
Thanks for reading!
Brett
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