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RALPH RICHARD GUERTIN

NEW version of Fannie Mae 97% LTV financing

Tuesday, February 3, 2015 - Article by: RALPH RICHARD GUERTIN - Cross Country Mortgage - Message

NEW.....Fannie Mae Conventional 97% LTV Mortgage

Fannie Mae has expanded the maximum loan-to-value up to 97% LTV for their Conventional 97 mortgage program. This means home buyers will only need a 3% down payment to benefit from Conventional financing.

The standard Conventional 97 program is perfect for first time homebuyers who have decent credit and simply want an affordable low down payment alternative to FHA financing.

Sellers guide announcement SEL 2014-15, eligibility matrix, and DU release notes.

This NEW version of the Conventional 97% LTV program can be used to purchase or refinance.

Refinancing requires the loan be a current Fannie Mae secured loan and allows the borrower to roll in up to $2,000 to pay closing costs.

Fannie Mae Conventional 97% LTV Guidelines

  • Minimum 3% down payment
  • No max income restrictions
  • No minimum borrower contribution
  • Minimum credit score as low as 620
  • At least one borrower must be a first time homebuyer
  • Homebuyer education may be required
  • Primary residence SFR 1 unit only
  • Max 45% DTI ratio or whatever DU approves
  • Reserves determined by what DU findings require

Ralph Richard Guertin

Bayburg FinancialSenior Lic. Mortgage Specialist Nmls# 371701Phone (954) 274-7725 Fax: (954)-337-2743

Ralph@absolutelowrates.com

www.bayburg.com/ralphg

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