Fannie Mae’s new 97% loan will finance condos! This is huge b/c in the past Fannie would only go to 95%.
This means that condo complexes no longer need to be FHA approved for low-money-down financing (for loan amounts up to $417,000).
Fannie actually is better than FHA b/c the down payment requirement is less than FHA’s.
The only caveat: Fannie is more stringent than FHA in regard to qualifying (credit scores, debt ratios, etc.).
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646