30 Year Fixed Rate Mortgage
30 Year fixed rate mortgages are Fannie Mae 's flagship products, since many consumers prefer the stability of both a fixed interest rate and a fixed payment over the life of the loan.
The most popular type of mortgage, the 30-year fixed-rate loan is most appealing to borrowers who want to stay in their homes for a long period of time and who want to enjoy consistent interest payments during this period. Other benefits include keeping housing expenses to a minimum while maximizing mortgage interest deductions for income tax purposes.
- This mortgage can require a low down payment, sometimes only 3 or 5 percent.
- Payments are stable -- your monthly mortgage payment will not increase.
- The 30-year fixed-rate mortgage provides maximum interest deduction for tax savings.
- Lock in a long-term interest rate with a stable, predictable monthly payment
- Borrowers who want to build equity faster should select the shortest loan term they can afford
2006 Conforming Loan Limits
Alaska, Guam, Hawaii,
and U.S. Virgin Islands only
1 $417,000 $625,500 2 $533,850 $800,775 3 $645,300 $967,950 4 $801,950 $1,202,925