Good Morning!
I wanted to highlight a very competitive product being offered by Fannie Mae.
…It’s their 97% purchase product. That’s right! …only 3% down.
Here are some of the important features of this product…
1) Owner-occupied primary residence only.
2) Minimum 720 FICO score.
3) 3% down payment must come from the borrower’s own funds.
4) 1-unit attached and detached single family residence, attached and detached PUDs.
5) Purchase and rate/term transactions.
6) Maximum DTI 41%.
7) 15, 20, 25, and 30-year loan terms.
8) No up front MI (like you would have on FHA).
9) Loan amounts exceed 271k (which is the FHA limit in most of Texas).
This is a great product.
If you meet the credit criteria listed above, and you only want to put 3% down on a house – then call me and I can help you with this.
I hope you have a good week. Thanks for reading!
Brett
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