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Great news for a large number of the potential 1st time home buyers who have been locked out of the market for the past few years by over cautious Lenders.

The new programs just announced are aimed at borrowers who have higher than required Income but less than the minimum down payment.

Both FANNIE MAE & FREDDIE MAC are going to accept 3% Down Payment on

FICO logo

FICO logo (Photo credit: Wikipedia)

new fixed rate loans to 1st time buyers.

FICO Scores in the 640 range may be able to qualify if there are compensating circumstances i.e. recently graduated, earning large income, but major debts from Student Loans etc.

Details are still coming in but this is major good news for this underserved segment of the market.

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