You now have an alternative to FHA financing. The 97% Loan To Value (LTV) conventional financing for first time home buyers and refinance loans.
Fannie Mae key features:
3% down payment if at least one borrower is a first time buyer
Fixed rate mortgage – max term 30 years
Private mortgage insurance will be required with a LTV ratio greater than 80%
Minimum FICO credit score of 620
Available for single or 1-unit residences only (manufactured homes are not eligible)
Any questions? Need an application? You can contact Sandra Smith, Mortgage Consultant, On Q Financial at 1.404.918.7463 – Email: Sandra.Smith@onqfinancial.com