Return of the 3% Down Payment

In an effort to open up lending to lower-end and first-time home buyers, Fannie Mae and Freddie Mac recently announced that they will start backing mortgages with down payments of as little as 3% of the home’s price. Borrowers will need to meet strict criteria, the two government-backed mortgage giants said, but overall this seems to be a good sign for those looking to enter or get back into the real estate market.


Some of the criteria to get one of these new loans:

  • Must buy private mortgage insurance
  • Must have a credit score of at least 620
  • Must offer complete documentation of your income, assets and job status
  • Must attend and receive home ownership counseling


Both programs are for fixed-rate loans given to first time homebuyers and those seeking to refinance. See more details of this new program CNN Money here.



Also, if you’re looking to get in to the market, hoping to make the move to Steamboat, or maybe looking for a second home take a look at these hot properties:Steamboat Real Estate



Exceptional home site with superb views. Easy access from this 2.11 acre lot to the public trail system, Fish Creek, hiking and biking. $394,000 | #131033



Steamboat Real EstateLynx Basin Estates Custom Home
Lovely custom home on 3 acres with 3 bdrms on the main level and an open “Great Room” style floor plan. Unfinished walk-out basement framed for 3 more bdrms, 2 baths and large family room for a total of almost 4500 sq ft. $699,000 | #136853





Luxury at Edgemont
Convenient, luxurious, prestigious. One-of-a-kind 5 bdrm unit at Edgemont. Private slope side deck and exclusive ski access.Steamboat Real Estate Edgemont Beautifully furnished and offered turn-key. $3,600,000 | #139617






Craftsman timber frame home
Steamboat Real Estate energy efficientUnique 4,270 sf timber frame home on 41 acres with a full solar power system, wood burning furnace forced air heating system, and complete backup systems. Incredible efficiency and the highest quality construction are found in this custom built posts & beam home. Recently completed, it has a large wood workshop, excellent views (including the Steamboat Ski Area), huge decks, a 3 car garage, additional storage building, and a seasonal creek that runs through the property. $1,200,000 | #139765





Trailhead Lodge at Wildhorse Meadows
Just Listed! Step out the door of Trailhead Lodge, grab the gondola and hit the slopes! This exquisite 4th floor 1 bedroom + den uSteamboat Real Estate Wildhorse nit at Trailhead Lodge has direct Mountain views. The deck looks over the BBQ social area below and with views of the Ski Area above. Excellent amenities, beautifully finished and offered fully furnished. Wildhorse Meadows is on the rise with a new commercial building and a luxury townhome project currently under construction. $495,000 | #139819





Ski-in/Ski-out living at Edgemont!
Steamboat Real Estate at EdgemontJust Listed! Gorgeous one bedroom unit with mountain and south valley views. This unit is beautifully appointed with wood floors, granite counters, built in shelving, and stone fireplaces in both the living room and the master suite. This handicap accessible unit has extra wide doors and halls making the entire area feel even bigger. A nice deck provides panoramic views. The master bath is spacious with a double sink and large soaking tub and a second full bath accommodates additional guests. This is the perfect spot for your vacation this winter! $699,000 | #139835




Great 35 acre parcel with the headwaters of Little Morrison Creek that fill the pond. Large building envelope. Very Steamboat Real Estate lot for saleprivate but easily accessible with National Forest access. This is a gem just a short drive from Stagecoach Reservoir with hiking, biking, fishing, boating, X-country skiing, snow shoeing, and so much more literally right out your back door. $369,000 | #134384