Both Fannie Mae and Freddie Mac reintroduced conventional 3% down programs this year. A few key differences to note:
Fannie Mae requires at least one of the borrowers to be a first time home buyer.
Freddie Mac Home Possible has income limits you can look up by clicking here . The Home Possible program also has reduced mortgage insurance.
Both programs allow the 3% down payment to be entirely gifted by a relative, employer, or a community 2nd down payment assistance loan or grant.
More guidelines apply and we can help you with an approval in a short amount of time. Complete a preapproval request online and we can get you started right away: http://www.furlongteam.com/preapproval/