You’ve Got Options When It Comes to Home Financing

Helping borrowers overcome down payment and closing cost barriers

Low down payment mortgages are a great solution for helping borrowers achieve homeownership, but for some borrowers, finding even a 3% down payment can be a challenge. Fortunately, in many cases, Fannie Mae allows funds for part or all of a down payment and closing costs to come from a variety of sources, helping more borrowers achieve the dream of homeownership.

There are many mortgage options that can help make purchasing and maintaining a home more affordable.

Low down payment mortgage options, loans for manufactured homes, and a variety of renovation loans are all available to suit different buyers’ needs. It also helps to research these options before you find a mortgage professional who can help you choose the best one for your financial situation. Here are some options to explore:

Low down payment mortgage options

Balancing everyday expenses while also saving for a home purchase can be challenging. Fortunately, today’s buyers have mortgage options that allow for down payments well below 20% of the home’s purchase price. Some may even be able to buy a home with as little as 3% down.   Home Ready |  97% Loan-to-Value | HFA Preferred

Homeownership education requirement

In order to qualify for a HomeReady, HFA Preferred, or 97% LTV loan, you may be required to complete a homeownership education.

Fannie Mae HomeView^® is a free, comprehensive course that can be used to satisfy the requirement.  The HomeView certificate course aligns with National Industry Standards for pre-purchase homeownership education, so it fulfills education requirements for most mortgage products.  After finishing and passing the end-of-course quiz (score of 80% or higher). you’ll receive a certificate of completion to share with your lender.

Affordable mortgage options are available for manufactured homes

Manufactured homes can be a more affordable option compared to site-built homes. There are a variety of modern, attractive models built to high standards with many of today’s sought-after amenities. Manufactured homes can come with attached garages, upgraded kitchens and bathrooms, energy-efficient appliances, and architectural features that blend seamlessly into a variety of neighborhoods. The main difference is they’re built indoors in efficient state-of-the-art facilities, and then delivered and installed on your chosen home site. MH Mortgage | Standard Manufactured Housing (MH) financing.

Mortgage options for homes needing renovations or energy updates

If the home you love is just in need of an upgrade, there are affordable financing options for renovations and energy updates. And to make it easy, you often get to work with the same lenders you’re already working with for your mortgage. Homestyle Renovation | HomeStyle Energy

Even more affordable options for homebuyers

There are many additional affordable paths to buying property and building equity for your future. HomePath Ready Buyer Program | Shared Equity Programs

Down Payment Assistance Search Tool

Loans, grants, and gifts are three ways to supplement your savings for a down payment. Use this search tool to find and apply for financial assistance.

Source: FannieMae.com – https://yourhome.fanniemae.com/buy/youve-got-options-when-it-comes-home-financing