The Conventional 97% Mortgage is Back!
The 3% down Conventional mortgage is now back through Fannie Mae’s My Community Mortgage® as well as for standard conventional loans. This program is designed for first time homebuyers that may not have the resources for a large down payment.
• At least 1 of the borrowers on the loan must be a first time home buyer as defined as not owning a home in the last 3 years
• 1 unit Principal Residence
• 30 Year Fixed rate Mortgage
• Gifting is allowed for the down payment and closing costs. Acceptable donors are fiancée, domestic partner, spouse or relative
• Income limitations for My Community Mortgage but not required for the standard conventional 3% down program
• 1st time home buyer education required prior to loan closing for My Community Mortgage