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We offer different types of terms to fit both new loan and refinancing needs. Get started to find out what's right for you and to understand all your options.
There are a few things you can do to improve your chances for a low interest rate.
Improve your credit score. The higher your credit score, the more creditworthy you seem to potential lenders, which could result in a lower interest rate.
Make a higher down payment. Putting down a larger down payment gives you more equity in the home, which, in turn, can lower your interest rate.
Purchase discount points. Points are upfront fees calculated as a percentage of your total loan amount and paid directly to the lender at closing in exchange for a reduced interest rate. You have the option to choose the number of points and how many you buy when discussing rate options with your home loan expert.
Yes. Fannie Mae's HomeReady® Mortgage program is designed to help first-time buyers and those who have limited down payment funds or unique circumstances.
The details:
Standard loan terms. We offer a 30-year fixed rate term for this program.
Flexible down payment options. You may be able to put as little as 3% down with the potential to save on private mortgage insurance (PMI).
Homeownership education course. To help set you up for financial success, you’ll need to complete an online education course as a requirement for your loan.
There are several costs that may arise in the home loan process. Examples of one-time costs include:
Closing costs: Approximately 2% to 5% of the purchase price
Appraisal fee: $550 maximum (with us)
Inspection fee: Approximately $300
Saving money where you can is important. So don't worry – you won’t pay lender fees with us. This means you pay no fees for the application, origination, processing, or underwriting of your loan.
Credit is your ability to obtain goods or services and repay at a later time — think credit cards, mortgages, student loans, etc. And credit scores are a way to reflect that, ranging on a scale from 300 to 850.
When buying or refinancing a home, lenders use your credit score as a way to assess your financial health. Factors like payment history and age of credit determine your score. Typically, you need a score of 620 for approval on a conventional loan. And oftentimes, the higher your score, the more favorable your options.
Get started to find out what's right for you and to understand all your options.
Though down payment requirements vary based on the type of loan you get, for eligible borrowers, we offer down payments on conventional loans for as low as 3%, including with the HomeReady® Mortgage program.
For qualifying jumbo borrowers, we have a 10% down payment option for our purchase product.
First-time homebuyers and repeat homebuyers with low to moderate income and low credit scores may qualify for Fannie Mae's HomeReady® Mortgage program, which lets you put down as little as 3%. Other conventional loans allow you to put down as little as 5%.
