Rural Housing Loans   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   Borrowers in rural areas now have easier access to affordable housing. Fannie Mae partners with the Rural Housing Service of the U.S. Department of Agriculture to purchase loans issued under its Section 502 Rural Housing Guaranteed and Direct Leveraging loan programs. Serves low- and moderate-income rural residents. The MyCommunityMortgage™ mortgage option includes additional flexibilities for rural communities: Income limits are now higher in rural areas, making it easier for more rural families to afford homes. New rural appraisal guidelines that make it easier for lenders to lend in rural areas. Fannie Mae also partners with the Rural Housing Service on its Section 502 Guaranteed Rural Housing Loan and its Rural Direct Leveraging Loan. The loans are backed by the Rural Housing Service, a division of the U.S. Department of Agriculture. They require no down payment for low- and moderate-income buyers.   Key Features Below market interest rates may be offered on the Rural Direct Leveraging Loan. There are no cash reserves required in your savings account when you go to closing. You need less cash up front than you would for FHA loans. The borrower's income is limited to 115 percent of the area median income for the guaranteed loan and 80 percent of the adjusted median income for the Direct Leveraging Loan. Single-family, non-farm, owner-occupied principal residences, including new manufactured housing units, are eligible. Eligibility is limited to rural areas, which generally have a population of no more than 10,000. In areas outside metropolitan counties, the town population limit (where the property is located) may be as high as 20,000. Consumer Benefits Up to 100% financing for qualified borrowers   Market interest rates for the Guaranteed product   Below-market rates through the Leveraging product's blended component

 

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 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 Turn Your ARM into a Fixed Rate 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