The US Department of Agriculture offers an excellent mortgage program that, much like most of the programs outlined below, is offered to borrowers whose income falls within certain limits. These limits vary by county and the number of people in the household. The difference with this program is that the property also has to be deemed to be in a rural area by USDA.
Whether or not you are not a first time home buyer you can put as little as 3% down and take advantage of the Fannie Mae "Home Ready" program which offers 30 year fixed rate mortgages and reduced Mortgage Insurance rates.
Income limits do apply to this program.
Much like the Fannie Mae Home Ready Program you can also put as little as 3% down and take advantage of the Freddie Mac "Home Possible Advantage" program which offers 30 year fixed rate mortgages and reduced mortgage insurance rates. You do not have to be a first time home buyer to be eligible for this program. Income limits apply to this program as well.
Buyers can also can put as little as 3.5% down and take advantage of the FHA program. There are no income limits with this program and you do not need to be a first time home buyer. In this program, lenders are insured against loss by the Federal Housing Administration. Therefore, a borrower using the FHA program will only have to comply with the standards required by FHA underwriting guidelines.
Buyers who are in active service in the military, honorably discharged veterans, those who have served in the National Guard or Selective Service for more than 6 years or Buyers whose active duty spouse died in the line of duty can put as little as 0% down and take advantage of the VA program.
If your income is above the limits for your county and you want to put as little as 3% down, you can take advantage of the "Conventional Fixed" program which offers 8 year through 30 year fixed rate mortgages. A 3% down, 30 year fixed rate mortgage with no mortgage insurance is also available.
THE "CONVENTIONAL FIXED" PROGRAM:
If your income is above the limits for your county and you want to put as little as 3% down, you can take advantage of the "Conventional Fixed" program which offers 8 year through 30 year fixed rate mortgages. A 3% down, 30 year fixed rate mortgage with no mortgage insurance is also available. For purchases, at least one borrower must be a First Time Home Buyer. Refinances are allowed. No minimum contribution from the borrower is required.
The minimum FICO score is 640. Other restrictions and highlights include:
• Purchases OR Refinances are allowed.
• The mortgage being refinanced must be owned by Fannie Mae.
• Owner occupied 1 unit dwellings only. 2-4 unit properties are not eligible.
• Manufactured homes are not eligible.
• Late Mortgage payments in your credit history may make you ineligible.
At MortgageSafe, we have over 20 years of experience in the real estate industry. Our team of experts has the knowledge and skills to help you achieve your real estate goals, whether you are buying, selling or investing.
At MortgageSafe, we have over 20 years of experience in the real estate industry. Our team of experts has the knowledge and skills to help you achieve your real estate goals, whether you are buying, selling or investing.
At MortgageSafe, we have over 20 years of experience in the real estate industry. Our team of experts has the knowledge and skills to help you achieve your real estate goals, whether you are buying, selling or investing.