There is great news for many who are in need of a low down payment. Fannie Mae has recently announced they will allow LTV ratios greater than 95% up to a maximum of 97% for First-Time home buyers. Here are some of the main FAQs:
- Only need one borrower to be a first-time home buyer
- Must be primary residence
- Includes single family residence, Condo’s & PUD’s (Manufactured housing NOT permitted)
- Must be a Fixed Rate mortgage
- Mortgage Insurance required
- Home Buyer Education Required
For more information please contact us. If you would like to qualify, click here.