What is Fannie Mae's low-down program?
Fannie Mae is expanding the availability of low-down-payment loans in an effort to help more people nationwide qualify for a mortgage.
Two new programs will help potential buyers overcome two of the most common obstacles to home ownership, low savings and a modest income.
To address many first-time buyers' struggles to save the down payment,
Fannie Mae developed Fannie 97. The program provides 97 percent
financing on a fixed-rate mortgage with either a 25- or 30-year loan
term through Fannie Mae's Community Home Buyers Program.
Fannie Mae's new Start-Up Mortgage will assist buyers with a 5 percent
down payment who are at any income level. Yet applicants do not need as
much income to qualify and less cash for closing than with traditional
mortgages. Borrowers will receive a 30-year, fixed-rate mortgage with a
first-year monthly payment that is lower than the standard fixed-rate
loan.
Freddie Mac, Fannie Mae's counterpart, also offers low-down-payment loan programs.
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