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Who can do the 3% fannie loan?

I've just read about it and not sure if it's available yet but fingers crossed!! I'm moving in 4 months and want to use my home sale for down payment. 713 fico score and I am starting a new job. Hopefully that will be ok? by arie1001220 from Pierre, South Dakota. Dec 24th 2014 Reply

Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,828 contributions

The 'New' 97% loans are here again and many lenders are now offering them. By the time you are ready, I would expect most, if not all lenders to have them in their portfolio mix. Starting a new job shouldn't be an issue depending on your total job history. I recommend you work with a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Make sure they do a side-by-side comparison of the both the 95% and 97% loan scenario for you using your scenario. Typically the 97% loan product has been more expensive than a 95% loan (a slightly higher interest rate and a higher PMI factor). Many times when I showed the client the differences, side-by-side, the opted to go with the 95% deal because it proved to be a much cheaper option. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ ~ 888-889-9950

Dec 24th 2014
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,002 contributions

Any Fannie Mae lender, including myself, can now offer the Fannie Mae version of the 3% down conventional loan. The Freddie mac version doesn't start until March 2015. As with all loans, there are various guidelines that need to be met, and just because it is offered, doesn't mean it is the best, or correct loan for you and your situation. Job changes and a move in an of themselves are OK, but there again are rules that need to be followed. You should discuss these issues early on in the process with your lender to avoid any trouble down the line. For loans in SD, MN, and WI, visit

Dec 28th 2014
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,246 contributions

Sure thing, the 97% option is available and you could be a good candidate depending on all the details of your application. One limitation is that either 1. someone on the application needs to be a first time buyer; OR, 2. meets alternative income restrictions (which are pretty liberal for many "average" buyers).

Dec 26th 2014
Forrest Grant (Forrest)
#1096 ranked lender in California - 9 contributions

We are able to offer the 3% Fannie Mae loan with a Grant to cover the 3% down payment in California. Please see below.

Dec 28th 2014
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