Fannie 97   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   Low Down Payment Loan This low down payment mortgage is ideal for the home buyer with enough income to cover a monthly payment but little cash for the down payment. Fixed-rate, 15- or 30-year terms. Consumer Benefits 97% LTV, 3% down payment   Debt-to-income ratios 33/38%   Key Features A low down payment of 3 percent. 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). This mortgage can be used with Fannie Mae's Community Seconds®, Community Land Trust, and Lease-Purchase options. You must have one month's mortgage payment (i.e. cash reserve) in your savings account after the closing. Home buyer education is required (it may be offered by your lender or your lender may be able to recommend a resource). To qualify for this loan, you must earn no more than the area median income (exceptions are made in specified high-cost areas).   Product Options Community Seconds® Fannie 3/2®

 

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 Turn Your ARM into a Fixed Rate Down Payment

Mortgage Programs

Home Equity Loans

The Cost of A Loan 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

Buying and Selling a Home at the Same Time Other Types Of Mortgage Loans First Time Buyer Programs Private Mortgage Insurance - PMI Home Mortgage Refinancing

Mortgage Scams Canceling Your Mortgage Independent Mortgage Advice Things To Consider Mortgage Closing Costs

Mortgage Glossary4