How To Save For A Downpayment

Saving for a new home has just become easier. Both Fannie Mae and Freddie Mac say they will now buy mortgages with as little as 3% down, a big drop from the old 5% minimum. Even though conforming loans are now easier to qualify for because down payment requirements have been reduced, there’s still the matter of saving not only for a down payment but also for closing costs and a reserve fund for the inevitable repairs and other expenses that come with home ownership.