That letter I wrote to Santa a couple weeks ago? He just may have granted our wish. Fannie Mae and Freddie Mac have announced that they will begin backing mortgages with down payments as low at 3%!!! For the first time since the 2008 recession, the lending giants are opening up the playing field to first-time home buyers that have had difficulty saving 20%.
I admit I yelped a little at the office when I first read Trulia's blog post.
"The catch? Borrowers have to meet strict standards to be eligible, such as a credit score of 620... Further, buyers would be required to undergo home-buyer counseling and purchase private mortgage insurance before signing on the dotted line."
I had no idea there were home-buying therapists, but sign me up!
We were so excited that we called a lender at Vanguard to get mortgage pre-approval. We've been talking for months about getting a more realistic view of what we can afford. The possibility of 3% down shed the fear of taking the next step. I'm biting my nails while we wait to hear back.
In other news, Lyle and I received our first delivery from Blue Apron today. Recipes and pre-portioned ingredients delivered to your doorstep. Absolutely brilliant. 45 min and we were eating homemade pistachio crusted catfish with israeli couscous. What?! I'm feeling more domestic already.
