Purchase and Refinance Transactions
Conventional loans are an option for borrowers wishing to purchase a primary residence, second home, or investment property, or for those wanting to refinance. Fannie Mae and Freddie Mac offer a variety of conventional loans with down payment options as low as 5%.
Fannie Mae and Freddie Mac up to 97% LTV
Fannie Mae and Freddie Mac offer a lower down payment program (3% down payment) for creditworthy borrowers who might not have the assets available for the larger down payment mortgage programs. A borrower generally must have a good credit history, have acceptable assets to close, a stable employment history, along with having an appraisal ordered for the transaction. This program is for first time homebuyers that have not owned a home in 3+ years.
Fannie Mae HomeReady and Freddie Mac Home Possible
Fannie Mae offers a great program for borrowers wishing to purchase a primary residence with an affordable, lower down-payment mortgage for creditworthy low-to-moderate income borrowers. In addition, this program has some expanded eligibility options for financing homes in lower-income communities (3% down payment). This program is for first time homebuyers that have not owned a home in 3+ years.
Interested in learning more? Ask us which home loan is best for you!
*Please note this is not a comprehensive list of all programs offered.