+1 vote
asked Aug 30, 2017 in Buying a Home by wonderhowtobuy

2 Answers

+1 vote
There are two options from Fannie Mae for 97 percent mortgages. The HomeReady program does not require you to be a first-timer. Here is more information on both loans. https://www.fanniemae.com/content/fact_sheet/97-ltv-options.pdf
answered Aug 30, 2017 by TimLucas (8,040 points)
0 votes
Yes. Fannie Mae and Freddie Mac, regulated  by the Federal Housing Finance Agency (FHFA) allows 3% down payment on purchase on Conventional Loans for first time home buyers.  Fannie Mae and Freddie Mac defines first time home buyers as buyers who did not have ownership in any properties in past 3 years.

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answered Feb 13 by GustanCho (106,540 points)
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