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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