Standard 97

  • Fannie Mae 
    • Fannie Mae product
  • Minimum FICO:  640
  • 30 Year Fixed Conventional First Mortgage
  • Zero Down Payment Required from Borrower
  • Max Purchase price $499,000.00
  • Max LTV of 97% 
  • 1 unit single family properties only.
  • Standard 97% requirement:
    • At least one borrower must be a first-time homebuyer
    • No homeownership counseling required
    • No income limit
    • Standard MI coverage
  • 3.5% assistance (rounded to the next highest dollar – do not round down) of the lower of the purchase price or appraised value
    • Repayable DPA 2nd, 10-year term
    • DPA Interest rate is 2% higher than 1st mortgage rate
    • 0.5% of assistance can be used towards closing costs