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FNMA announced on December 8th 2014 that potential homebuyers can put down minimum 3% to buy their first homes. The most important thing about this new program is that it gives consumers choice between mortgages backed by Fannie Mae and Freddie Mac and those backed by the FHA.  Here are the highlights of FNMA – MyCommunityMortgage:

  • Median Area Income Limit applies.
  • 1-unit properties with standard balance loan amounts.
  • 3% down payment can be gifted by relative* (see below). 
  • Minimum FICO score of 620 is required with Monthly Mortgage Insurance.
  • Minimum FICO score of 640 is required with No Monthly Insurance
  • Purchase transactions require at least one borrower to be a First-Time Home Buyer (defined as someone not having an ownership interest in a property in the last 3 years).

Your credit score, content of your credit report and DTI ratio will determine which home financing is the best for you. We will still review other items for qualification.

* Relative, group A - Fiancé, fiancée or domestic partner  • Domestic Partner: An unrelated individual who shares a committed relationship with the primary wage earner, currently resides in the same household as the primary wage earner and intents to occupy the security property with the primary wage earner.

* Relative, group B - The borrower’s spouse, child or other dependent or by any other individual who is related to the borrower by blood, marriage, adoption or legal guardianship.





 
Posted by Sam Kader on January 4th, 2015 2:16 PM

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