May 4, 2024 10:31 am
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3% down on new home sounds like a whopper deal, but . . .

3-Percent-DownBy Michelle Fox | Yahoo Finance

Borrowers who only put 3 percent down on a new home could be taking a risk, former FDIC Chair Sheila Bair said Thursday.

Earlier in the day, Wells Fargo (NYSE: WFC) announced it is now offering fixed-rate conventional mortgages with a minimum 3 percent down payment.

“The good news is these are fixed-rate mortgages, so you don’t have the problem with the payments shocks where you have to refinance to make the payment affordable,” Bair said in an interview with CNBC’s ” Closing Bell. ”

Continued:

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.