30-, 25-, 20-, 15- and 10-year terms are all available with fixed rate.
Buy a home with as little as 5% down (primary home).
Refinance up to 95% of your primary home's value.
Monthly payments remain the same for the entire loan term.
3/1, 5/1, and 7/1 ARM's. Monthly payments based on a 30 year repayment schedule.
The rate stays fixed for the first 3, 5, or 7 years (depending on chosen term), and then adjusting annually thereafter.
3.50% minimum down payment required on purchase.
Minimum credit score usually 620.
Post-bankruptcy qualifying - 2 years after.
Post-foreclosure qualifying - 3 years after.
Competitive interest rates that are routinely lower than conventional rates.
Sellers can pay up to 6 percent of closing costs and concessions.
Higher allowable debt-to-income ratios than for many other loans.
Down payment as low as 0%.
0% minimum down payment required on purchase
Minimum credit score 640
Lower MI rates than FHA
Minimum credit score 620
Better rates for First time home buyers
Must be Fannie Mae owned property
No Mortgage Insurance
Receive payments FROM your loan
Be at least 62 years old
Own your home
Have equity in the house
10% minimum down payment required on purchase
Loan amounts over $424,100 for most counties
Same requirements as a conventional loan
Slightly higher rates than conventional but with no mortgage insurance
Better option for those that will live in home less than 8 years.
Same requirements as original type of loan
Slightly higher rate, but with us paying your closing costs
Better option for those that will mess with their mortgage again in the next 7 years.
*Free* Money from local governments to promote homeownership in certain neighborhoods
Property location restrictions
Other restrictions - see grant websites for more details
Build your "Dream Home"
10% of the cost to build down payment for construction
10-30% down on land or lots
Construction & One-time close options available.
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