Fannie and Freddie Come out with 3 Percent Down Payment Option for Qualified Home Loan Borrowers

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Blue Home Loans, Inc. comments on the announcement, recently applauded by the California Association of Realtors® and offers advice for California homeowners and potential home buyers.

Blue Home Loans, Inc. is a full-service California mortgage company that has been helping California homeowners to save money on their homes for many years. The company’s team of mortgage professionals, lead by father and son, Robert and Brandon Blue, are dedicated to helping clients to find the best possible loan programs, the lowest wholesale mortgage rates available and the maximum amount of savings on their homes. The prospects for many CA home loan borrowers just got a lot better, with Fannie Mae and Freddie Mac’s move to lower down payments to as little as 3 percent for first-time home buyers and permit refinancing borrowers to reduce equity to 3 percent to cover closing costs.

A statement from the California Association of Realtors®, made this December 9th, applauds the move from the mortgage giants. “C.A.R. commends Fannie Mae and Freddie Mac for expanding access to credit for well-qualified first-time buyers struggling to enter the housing market,” said C.A.R. President Chris Kutzkey. “Saving enough money for a down payment is the biggest hurdle for most first-time home buyers, but this program will help remove that barrier, and at the same time, lenders can be assured they are providing a safe, affordable loan to creditworthy borrowers.”

Blue Home Loans explains that while there are some who are skeptical about this recent move, it is great news for borrowers who have been locked out of buying a home, despite having the ability to repay a loan, simply because they do not have the money for a large down payment. The move would make the dream of homeownership much more attainable for Americans once again.

These new conditions would make for a very good opportunity for California borrowers who have been thinking of applying for a home loan. With mortgage rates hitting the lowest levels of the year last week and some potential that they could even go lower, those who have been putting off their home loan plans for one reason or another should definitely reevaluate their situation in order to ascertain whether taking out a home loan would make sense for them now.

Blue Home Loans, Inc. can help those who are interested in finding out what their best home loan options are. The company’s website offers a very accurate and easy to use California home loan calculator, and for those who want more info, a quick call with one of Blue Home Loans’ mortgage experts will provide them with an honest evaluation, without fear of being bothered by any high-pressure sales tactics.

The Blue Home Loans website states, “We make finding a loan simple because we have virtually every loan program available, regardless of the type of mortgage you are looking for. Whether you are dealing with bad credit, foreclosure, bankruptcy, or low credit scores, we can help you. It only takes us five minutes to find the right program that fits your needs."

For more information on how Blue Home Loans can help California home loan borrowers get approved for their home purchase loan or refinance quickly, please visit BlueHomeLoans.com or call 1-888-929-BLUE (2583) to speak with an experienced mortgage professional.

California Bureau of Real Estate -- BRE #01938557 NMLS #1162386

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