It’s Fannie Mae’s 3% down loan. …and, it competes very well with FHA.
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).
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.
Brett
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