Great news for some of my favorite clients … First Time Home Buyers!
Fannie Mae announced a new 3% down payment option for qualified first time buyers!! Some homeowners with Fannie Mae loans may also be able to refinance with a 97% LTV (loan to value) which is good news for those who would not qualify under HARP (home affordable refinance program).
Give a shout if you’d like help connecting with a mortgage professional. So important that you are comfortable with your mortgage officer. I’d be happy to share my favorite and most trusted contacts with you!
December 08, 2014
Fannie Mae Announces 97 Percent LTV Option for First-Time Homebuyers
Lower down payment enables qualified borrowers to access credit
WASHINGTON, DC – Today, Fannie Mae (FNMA/OTC) announced an option for qualified first-time homebuyers that will allow for a down payment as low as three percent. Building upon Fannie Mae’s successful lower down payment program offered through state Housing Finance Agencies, the 97 percent loan-to-value ratio (LTV) option will expand access to credit for qualified first-time homebuyers that may not have the resources for a larger down payment. These loans will meet Fannie Mae’s usual eligibility requirements, including underwriting, income documentation and risk management standards. These loans will require private mortgage insurance or other risk sharing, as is required on purchase loans acquired by the company with greater than 80 percent LTV. Read more
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