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 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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