If you are beginning to look into acquiring a home as well as have been qualified by your lender for a Federal Housing Administration (FHA) home mortgage because of a limited down payment, you currently have an alternative. Fannie Mae has actually just recently introduced their 3% down payment mortgage option. This program contrasts favorably to FHA financing. It enables 100% of the deposit to be gifted from a family member, provides reduced home loan insurance policy rates, and also requires a less limiting appraisal as compared to the FHA's health and wellness fixing requirements. Below is a summary of the guidelines for the Fannie Mae traditional 97% home loan:
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