Features & Benefits of Fannie Mae 1% Down
Get into a house sooner by reaching the down-payment savings goal faster with only 1% down! If your income qualifies all you will need is to put 1% down – the lender will pay an additional 2% toward the down payment, up to a maximum of $4,000, for a total of 3% down based on the lesser of purchase price or appraised value.
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Qualifying income for the loan must adhere to 80% or less of the area median income.
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2% Lender Funded Down payment will be capped at the lesser of 2% or $4,000 based on the lesser of purchase price or appraised value.
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Borrower paid or Lender paid mortgage insurance options are available.
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No Requirement to be a first time homeowner. However if all occupying borrowers are first time homebuyers (defined as no interest in any property in the last 3 years, First Time Home Buyer Counseling is required from lender approved sources.
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Escrow account required.
*Certain Restrictions Apply