Fannie 3/2

A Community Lending Flexible Option The Fannie 3/2 option is available for a 95 percent LTV loan. It combines a 3 percent down payment from the borrower's own funds with the remaining 2 percent from a gift, grant, unsecured loan, or Community Seconds® loan. The Fannie 3/2® fixed-rate mortgage with terms between 15 and 30 years requires only a 5 percent down payment, with just 3 percent from your own funds, which means less cash is needed up front to buy a home. To qualify for this loan, you must earn no more than the area median income (exceptions are made in specified high-cost areas).   Key Features Three percent of the down payment funds must come from your own sources, while the other 2 percent can come from a federal, state, or local government agency; nonprofit organization; employer; or private foundation. This mortgage provides expanded debt-to-income ratios, which means you may use up to 33 percent of your gross monthly income for housing expenses each month (instead of the standard 28 percent) and 38 percent for your total monthly debt expenses (instead of the standard 36 percent). Home buyer education is required (it may be offered by your lender or your lender may be able to recommend a resource). This mortgage can be used with Community Seconds®, Community Land Trust, and Lease-Purchase options. Consumer Benefits Take advantage of down payment assistance funding with this flexible option.

 

 

 

 

 

Mortgage Products

Fixed

• 7-Year Balloon
• 10-Year
• 15-Year
• 20-Year
• 30-Year
• 40-Year
• Biweekly
• Community Home Buyer's Program™
• Community Living®
• Community Renovation™
• Community Seconds®
• Energy Efficient
• Expanded Approval®
• Fannie 3/2®
• Fannie 97®
• Flexible 97® & 100™
• HomeStyle® Construction-to-Perm
• HomeStyle Renovation
• InterestFirst™
• MyCommunityMortgage™
• Native American Housing Loans
• Pledged-Asset
• Rural Housing Loans
• Simultaneous Second

ARM

• 1/1
• 3/1
• 5/1
• 7/1
• 10/1
• Community Renovation
• Community Seconds
• Energy Efficient
• Expanded Approval
• Flexible 97 & 100
• HomeStyle Construction-to-Perm
• HomeStyle Renovation
• InterestFirst
• MyCommunityMortgage
• Native American Housing Loans
• Pledged-Asset
• Simultaneous Second
• Uniform Hybrid 5/1

Reverse

• Home Equity Conversion Mortgage (HECM)
• Home Keeper and Home Keeper for Home Purchase

Mortgage Refinancing

 

 

2006 Conforming Loan Limits

Number of Units	Maximum original principal balance	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

 

 

Correcting Your Credit

Credit Advice

Prepare Your Credit Before Buying A Home Preparing Your Credit For Life's Changing Needs Victim Of Identity Theft Buying Vs. Renting What If My Application Gets Rejected?

Equal Credit Opportunity Act What Is A Mortgage Fixed Rate Mortgage Adjustable Rate Mortgages Deciding on the Right Home Loan

Mortgage Programs

Home Equity Loans

How Interest Only Mortgages Work Balloon Payments   Other Fees And Closing Costs High LTV Loans Bad Credit Mortgage

The Good And Bad Aspects Refinancing Home Equity Loans Interest Only Mortgages Necessary Paperwork Pre-Qualification Vs. Pre-Approval

Types of Loans

Miscellaneous

Adjustable Vs. Fixed Mortgages Other Types Of Mortgage Loans First Time Buyer Programs Private Mortgage Insurance - PMI Home Mortgage Refinancing

Mortgage Scams Canceling Your Mortgage Turn Your ARM into a Fixed Rate Things To Consider Mortgage Closing Costs

Mortgage Glossary4