Features and Benefits of FNMA Loans (Fannie Mae)
FNMA Fixed Rate
| FEATURES | BENEFITS |
|---|---|
| Up to 97% LTV | Minimal cash outlay |
| Non-Owner occupied loans on up to 4 family dwellings | Can be utilized by investors |
| Buydown Options | Ability to qualify for more homes |
| Fixed Rate | Easy budgeting |
| Trailing Spouse/Relocation Loans | Ability for relocating borrowers to qualify prior to spouse obtaining employment in the new location |
| 15-20-30 Year Term | Allows for earlier pay off, less interest paid |
FNMA Community Home Buyer
| FEATURES | BENEFITS |
|---|---|
| Low Down Payment Option | Borrower can move in with only 3% of own funds |
| Home buyer Education | Eliminates the fear and mystery of homeownership |
| Higher Ratio | Borrower can qualify for larger loan |
| No Cash Reserve Requirements | Borrower can obtain high ratio loan with less cash assets |
| Grants and loans from Non-Profit Organizations | Cash poor buyers can get gifts or specific loans, for 2% option and closing cost |
| Fixed Rate | Easy budgeting |
| Up to 97% LTV | Minimal cash outlay |
| Larger loan amounts available than FHA | Higher priced property can be financed |
FNMA Adjustable Rate Mortgage
| FEATURES | BENEFITS |
|---|---|
| Lower initial payment rate mortgage | Allows more buyers to qualify. Ability to qualify for more home |
| Variety of rate/point options | Options to suit buyer’s current needs and future financial plans |
| Second Home Allowed | Makes program available to a wide range of borrowers |
| Refinancing up to 90% LTV | High LTV makes refinancing recently acquired home easier |
| Ability to make unscheduled principal reductions and have it impact payments. | Can possibly reduce payments at next interest rate adjustment |
FNMA 7 Year Balloon
| FEATURES | BENEFITS |
|---|---|
| Lower initial rate than a fixed rate mortgage | Ability to qualify for more home / larger loan |
| Rate fixed for 7 years | Ideal for relocation employee More payment certainty than an ARM |
| Larger loan amounts available than FHA | Higher priced property can be financed |
| Buydown Options | Can qualify more buyers. Sell to builders |
| Trailing Spouse / Relocation Loans | Ability for relocating borrowers to qualify prior to spouse obtaining employment in the new location |
| Up to 95% LTV | Minimal cash outlay |
FNMA 3yr, 5yr, 7yr, 10yr Fixed Rate
| FEATURES | BENEFITS |
|---|---|
| Low Down Payment Options | Move in with little or no cash |
| Initial Fixed Rate Period | Easy budgeting with no increases |
| Lower Interest Rate Than Fixed | Keeps monthly payment low |
| Flexible Financing Options | Ideal for corporate relocation |
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