I mentioned a couple weeks ago that FNMA would be rolling out a 3% down conventional loan. Well, now it is available. This is a good alternative to an FHA product. Programs are loosening and getting better for the first time homebuyers. Here are some details below.
Fannie Mae MCM® Highlights:
• 620 minimum qualifying credit score
• 97% LTV option available
• Purchase and Limited Cash Out Refinance available Eligble Properties:
• Primary residence (owner occupied)
• 1 – 4 unit single family
• FNMA approved condos and PUDs
But, on the other end, remember that Sierra Pacific – our parent company, can take jumbo loans up to 90% LTV (10% down) with a loan amount up to $850,000 – that translates to a $945,000 sales price.