Scott Storace - Branch Manager, 100 Pacifica Drive Ste. 140, Irvine CA 92618 NMLS #226339 949.973.0141

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Buy More Home with Less Down

Fannie Mae just announced program adjustments that will soon allow buyers to buy more home with less down!

We're simplifying the home buying process yet again! New program updates will soon allow buyers to buy more home with less down in Orange County, CA!

We’re simplifying the home buying process yet again! New program updates will soon allow buyers to buy more home with less down in Orange County, CA!

Other than having to layer our tank tops, add a scarf and possibly a pea coat to cover our board shorts in the morning, it’s safe to say that the holidays tend to sneak up on us Orange County folk.  With just a slight dip in temperature, we’re usually left to rely on department store décor and Pumpkin Spice Latte’s to remind us that the holidays are nearly upon us!

But, this year is a bit different.  Fannie Mae, too, has bedecked its Selling Guide with some holiday trimming that will soon expand homeownership opportunities for more buyers.  Beginning December 12th, Fannie will reduce its down payment requirements for loans between $417,000 and $625,500 to 5% from 10%!  This means that buyers will soon be able to buy more home with less down.

The adjustment focuses on a “sweet spot” price range for many Orange County buyers as it expands the 95% program which pushes conforming loan amounts to the high-balance loan range.  This means that the new program adjustments will cater to a crowd of buyers shopping in both a high-cost and ultra-competitive price range.  In other words, it will help more buyers buy more home with less down in Orange County, CA.

Standard credit restrictions will still apply as will the requirement to properly evaluate income.  But, the expansion of credit will surely create more financing opportunity for those “sweet spot” buyers.

If you have more questions about this program or if you’re ready to get started, contact me!

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