Fannie Mae and Freddie Mac are now accepting loans that have a 97% Loan to Value (LTV) Ratio.That
means buyers only need to put 3% down when purchasing a new home but there are some restrictions.
. The loan must be a 30 year fixed rate mortgage.
. The depending on the buyer's qualifications they might need to have
reserve funds that guarantee the ability to make the payments for several
years. These reserves may be provided as gifts.
. Only 1-unit primary residences are eligible (e.g. single family homes,
town houses,condos, planned urban developments (PUD)). NO INVESTMENT
. At least 1 borrower on the loan must not have owned any residential
property in the previous 3 years
. There is no income limit
. There is no pre-or post-purchase home buyer counseling required
This is a great opportunity for those who want to take advantage of the super low interest rates
and don't have significant savings. Talk to a lending professional to get the full details. Contact me if
you need help finding a good Lender. I work with many great lenders who will provide
you with everything you need.
Contact Marilee Murphy today for all of your home buying, or selling, luxury homes or new construction needs. I am dedicated to making sure you have a smooth transition from start to finish. Use my website to search available properties in Loudoun County located, in Northern Virginia, specifically the towns of Sterling/Potomac Falls, Ashburn, Leesburg, Chantilly, and Aldie as well as properties in Fairfax County, and Prince William County areas. You can also sign up to receive free listing updates by email