Fannie Mae 97% Option
A Low 3% Down Payment Option For Borrowers
For your borrowers that lack the resources for a down payment, this program makes it possible to get a mortgage.
- Maximum 97% LTV/CLTV/HCLTV
- Credit scores down to 620
- 1 unit principal residence – Condos ok
- Conforming loan amounts
- Standard 35% MI coverage
- 3% down payment may be from gift funds
- At least 1 borrower must be a first time home buyer*
- All refinance transactions require the existing loan be owned by Fannie Mae
- Non-MyCommunity Mortgage purchase and rate/term transactions only
*A first time homebuyer is defined as any buyer who has not owned a home in the past three (3) years.