United Wholesale Mortgage (UWM. or designated natural disaster areas. freddie Mac offers a similar program, called Home Possible Advantage, and the Federal Housing Administration (FHA) already.
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Following the news that government-sponsored enterprises Fannie Mae and Freddie Mac are launching new programs allowing lenders to offer financing of up to 97% loan-to-value (LTV) on certain mortgages, United Wholesale Mortgage (UWM) has re-introduced its 3% down product geared for first-time home buyers.
The new conventional 97 refinance rules will open up eligibility for many homeowners. There are two types of 97% LTV refinances, one offered from Fannie Mae, and one from Freddie Mac. That doesn’t mean you have to go to these two agencies directly for the loan. They don’t issue loans themselves.
Fannie Mae Standard 97% LTV mortgage. The Fannie Mae Standard 97% LTV mortgage is virtually identical to Freddie Mac’s HomeOne mortgage. Both are 3% down loans for first-time buyers, and neither allows loans over $453,100. The primary difference is the credit score required.
If you want to buy a home but have very little cash, Fannie Mae and Freddie Mac might have a solution for you. A 97% LTV loan allows you to make a down payment that’s as little as 3% of your home’s purchase price. That means these homes have an even smaller down payment requirement than FHA loans, which typically require at least 3.5% down.
Can mortgage technology help lenders drive purchase business? · Business cards are a necessity, as well as flyers and mailers advertising your mortgage loan office’s strongest loan products. You’ll also want to prepare a short stock statement outlining your mortgage loan benefits and rates that you can use. Be prepared with these materials before you reach out to your network.
As Mortgage News Daily noted, "Each will permit loans with as high as a 97 percent loan to value ratio with certain compensating factors. Both Fannie Mae and Freddie Mac’s loans must be secured by.