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Low Down Payment Mortgage Announced from Fannie Mae

Low Down Payment Mortgage Announced from Fannie Mae

Fannie Mae has recently announced they will allow for low down payment mortgages, LTV ratios greater than 95% up to a maximum of 97% for First-Time home buyers.  This is great news for many who are in need of a low down payment and don’t need an FHA loan.  Here are some of the main FAQs:

Qualifications:

  • 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 apply, click here.

 

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Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.

387 N Corona St #646, Denver, CO 80218.

NMLS Unique Identifier #1838215

Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

Home Mortgage Disclosure Act Notice. The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website.

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