New Fannie Mae Loan Program

MORTGAGE NEWS

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Fannie Mae (the large mortgage loan holding company) decided to replace the MyCommunity Loan Program (which was targeted at first-time home buyers) with a new HomeReady Program.

PROGRAM HIGHLIGHTS

• Low down payment of 3%
• REDUCED Mortgage Insurance
• No First-Time Home Buyer requirement
• No minimum requirement of borrower’s own funds
• Non-occupant co-borrowers allowed
• Non-traditional credit allowed
• Gifts and grants allowed
• Homeownership education required
• One-unit principal residences only

Call/text 843-900-0155 to schedule a FREE, NO-OBLIGATION Buyer Consultation. Click HERE to request more information on mortgage loans, or to schedule a free consultation.

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Tags: mortgage, mortgage insurance premiums, first time home buyer, fannie mae