A great loan for first time homebuyers and low-income borrower direct to Fannie Mae. Low mortgage insurance and low rate adjustments help keep monthly payments lower than other options. The main features are:
- Low down payment at only 3% of the loan value.
- Lower mortgage insurance than typically 3% down loan.
- Mortgage insurance can be cancelled, unlike some other options.
- No geographic restrictions on loan amounts.
- Minimum credit score 620.
- Boarder or rental income is allowed in some situations.
- Flexible options for closing funds.
*Income limits may apply
