conforming Loan Products
fannie mae conforming/high-balance (FNMA)
Up to 97% financing for standard conforming loan amounts
Up to 80% LTV for cash-out
Up to 85% LTV for Purchase and Rate and Term for 2 units
100% of down payment and closing costs may be gifted
Appraisal transfers allowed on standard conforming loan limits
SOFR Index Adjustable-Rate Mortgages (5/6, 7/6, 10/6)
FANNIE MAE Refi Now PROGRAM
Available to qualifying homeowners with a Fannie Mae-owned mortgage .
Fannie Mae’s RefiNow program helps homeowners by:
Requiring a reduction in the homeowner's interest rate by a minimum of 50 basis points and a savings of at least $50 in the homeowner's monthly mortgage payment.
Providing a $500 credit from Fannie Mae to the lender at the time the loan is purchased if an appraisal was obtained for the transaction. The lender must pass the credit to the homeowner.
freddie mac conforming/high balance (FHLMC)
Up to 95% financing
Minimum FICO 620
Up to 80% LTV for cash-out
Up to 80% LTV for Purchase for Investment
SOFR Index Adjustable-Rate Mortgages (5/6, 7/6, 10/6)
home ready MORTGAGE FROM FANNIE MAE
Built for today’s homebuyers in mind. Ideal HomeReady borrowers include:
Purchase and Refinance
Lower income
First-time or repeat borrowers
Low down payment
Supplemental boarder or rental income
Credit scores =>620. Credit scores =>680 may qualify for better pricing
Home Possible
Home Possible - 97% LTV, TLTV
Boarder and ADU income permitted
Flexible down-payment sources
Up to 30-year fixed
No reserve required
Income flexibility
Reduced M.I. coverage
Lower monthly payments means less income needed to qualify
HOME ONE MORTGAGE
No Borrower geographic or income limits
Purchase and No Cash Out refinances
Homebuyer education is required when all borrowers are first-time homebuyers (at least one borrower must be a First-Time Homebuyer)
Available on One-Unit properties
Primary Residences only
Fixed Rate financing only
Allows both Affordable Seconds and other secondary financing per JMAC and FHLMC lending guidelines
FHMLC LPA – Accept findings only (no manual underwriting)
No minimum borrower contribution
All borrowers must occupy the subject
No Cash Out Refinances up to 97% LTV (For LTV’s between 95.01-97%, the property must be currently owned by FHLMC)