fannie mae's low-down program

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Joyce C. Jeffrey

Summit Executive Realty

4530 Barksdale Boulevard, Suite E

PO Box: P.O. Box 8341

Bossier City, Louisiana, 71112

Office: 318-747-3117

Cell: 318-208-0470

joycejeffrey@realtor.com

Lic. #: Licensed in Louisiana USA

fannie mae's low-down program

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What is Fannie Mae's low-down program?

Fannie Mae is expanding the availability of low-down-payment loans in an effort to help more people nationwide qualify for a mortgage.
Two new programs will help potential buyers overcome two of the most common obstacles to home ownership, low savings and a modest income.

To address many first-time buyers' struggles to save the down payment, Fannie Mae developed Fannie 97. The program provides 97 percent financing on a fixed-rate mortgage with either a 25- or 30-year loan term through Fannie Mae's Community Home Buyers Program.
Fannie Mae's new Start-Up Mortgage will assist buyers with a 5 percent down payment who are at any income level. Yet applicants do not need as much income to qualify and less cash for closing than with traditional mortgages. Borrowers will receive a 30-year, fixed-rate mortgage with a first-year monthly payment that is lower than the standard fixed-rate loan.
Freddie Mac, Fannie Mae's counterpart, also offers low-down-payment loan programs.

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