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Low Down Payment Mortgage Announced from Fannie Mae

Posted on December 9, 2014 by Ray Williams (NMLS #216267).

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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