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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