Flexible 97 & 100 Mortgages With Little Or No Down Payment   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   Are you concerned about not having enough money for a down payment? Or, would you like to set aside some of the money you have saved for move-in expenses? If so, a Flexible 100TM or Flexible 97® mortgage might be what it takes to get you into your own home. With a Flexible 100 mortgage, you don't need to make a down payment and can provide as little as $500 of your own money toward closing costs. With a Flexible 97 mortgage, you can pay just 3 percent of your home's purchase price toward your down payment, and this amount can come from sources such as gifts, grants, loans from relatives or nonprofit groups; or employer-assisted housing. With a Flexible 100™ mortgage, the borrower doesn't need to make a down payment and can provide as little as $500 of their own money toward closing costs. With a Flexible 97® mortgage, the borrower can pay just 3% of the purchase price toward a down payment, and this amount can come from sources such as gifts, grants, loans from relatives or nonprofit groups; or employer-assisted housing. Key Features You can select from a fixed-rate mortgage with a term of 15, 30, or 40 years, or a 30-year adjustable rate mortgage (ARM). With an ARM, the rate stays fixed for the first 5, 7, or 10 years (you decide), and after that, the interest rate changes annually after the 5th, 7th, or 10th year.   Flexible 100 and Flexible 97 mortgages use Fannie Mae's automated underwriting system to evaluate your application. This means faster service and loan decisions for borrowers with all different types of credit profiles.   Flexible 100 and Flexible 97 mortgages are available from many lenders throughout the United States, and are not restricted based on how much money you earn. Consumer Benefits Perfect for borrowers who have limited funds for down payment and closing costs

 

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 Deciding on the Right Home Loan 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 Turn Your ARM into a Fixed Rate 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