Hey there, welcome to another quick one minute mortgage update. I’m very excited to announce as of Dec 13, 2014 Fannie Mae is bringing back the 3% down purchase. They accept loan amounts up to 417,000. You do have to be a first time home buyer, which means you cannot have owned real estate in the past 3 years. It applies to one unit properties, single family, condos, or PUDS. There is no income limitation and there is no first time home buyer education required for the program. You should also note that you can also do a refinance up to a 97% loan to value. Thanks very much! –John Thompson (626) 583-1623