Fannie Mae Introduces a Mortgage with 3 Percent Down Payment

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Now first-time home buyers can access mortgage loans with down payment which is as low as 3%. Fannie Mae formally announced the guidelines for its program for loans with 97% loan-to-value ratio. The program is expected to give easier access to credit of a large number of prospect home buyers.

In order to qualify for a mortgage with a 3% down payment securitized by Fannie Mae, the borrower must be a first-time home buyer. According to the enterprise’s definition, a first-time home buyer is a person who has not owned a home over the past three years. In case of a joint application, at least one of the applicants must meet this requirement. Generally, the purchased house must be the primary residence of the borrower.

The mortgage loans offered under the program must have a fixed rate. They will require a risk-sharing facility as well. This is typically private mortgage insurance. In order for an application to be considered, it must be supported with full income documentation and credit score and credit history documentation. At present, the minimum credit score requirements for Fannie Mae mortgage loans is 620. However, borrowers with lower credit score may still be able to qualify if they can reduce the higher risk with appropriate means for compensation.

Mortgage refinance will also be available via Fannie Mae’s new program for loans with 3% down payment. Borrowers who have existing loans securitized by the government-sponsored enterprise and who do not qualify for the Home Affordable Refinance Program will be eligible for this option. Qualifying applicants will be able to take out a cash amount no greater than 2% or $2000, depending on which of the two is lower.

The new program of Fannie Mae targets the first-time home buyers who do not have sufficient savings for the traditional down payment. They form two fifths of the market.

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