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New mortgage finance programs with down payments as low as 3 percent have hit the market during a time when, according to the National Association of REALTORS, pending home sales have reached their highest level in more than ten years.
The newest of these programs is through Wells Fargo & Company and offers buyers mortgages with down payments as low as 3 percent. According to The San Diego Union-Tribune, the new mortgage program offers an alternative to loans backed by the Federal Housing Administration (FHA), which have a minimum down payment requirement of 3.5 percent of the home’s purchase price. Per the article, most large banks have veered away from offering FHA loans.
In a press release, Wells Fargo stated that the…