Popular ‘zero down’ mortgage program makes comeback

One of the nation’s last sources of no money down financing for home loans appears to be making a comeback: Legislation that restores a Department of Agriculture home-buying program is headed to President Barack Obama’s desk for signature. The legislation makes the USDA’s Single-Family Housing Guaranteed Loan Program self-sufficient, the National Association of Realtors reports. Borrowers will have to pay a higher “guarantee fee” of 3.5% — essentially upfront mortgage insurance–but the fee can be folded into the mortgage.

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Mortgage rates drop on Fed intervention

The average U.S. rate for a 30-year fixed mortgage fell to 3.33% this week, according to Freddie Mac, as the Federal Reserve’s bond-buying program created demand for securities backed by home loans.

Apr 02, 2020 By
3d rendering of a row of luxury townhouses along a street

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