Thursday, March 17, 2011

97% LTV Conventional Loans Making a Comeback!!!

97% LTV Conventional Loans Making a Comeback


The 97% Fannie mortgage is a great alternative to FHA financing and probably a better overall option for some homebuyers given the increased monthly MIP on FHA.  Here are the details:

Fannie 97 LTV

  • NOT limited to first time homebuyers
  • NO income or sales price limits (loan limits do still apply)
  • Seller concessions are limited to 3% of purchase price
  • Single family primary residences only (including eligible condo’s)
  • Purchase or Rate Term Refinances
  • Lender paid MI allowed (monthly, single and split premium options).
  • No homebuyer counseling required.
  • Fixed rates mortgages only
  • 3% down must come from Borrowers own funds



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