Fannie Mae Loans
Here's what you should know when considering a Fannie Mae loan:
The property for which you are applying for a loan may have to meet certain requirements. Typically, Fannie Mae Property Requirements apply to second homes, condos, and investment properties only.
In general, when you hear "Fannie Mae Reserve Requirements" it’s referring to a reserve of cash or assets that may be used to make payments on the loan should anything happen.
Basically, the borrower or a co-borrower must pay the down payment in a reasonable manner that conforms with Fannie Mae down payment guidelines.
Fannie Mae seller contributions are generally limited to only contribute 3% for loan-to-values that are higher than 90%.
When it comes to getting a mortgage
you have more options than you think