Fannie Mae’s new 97% loan will finance condos! This is huge because in the past Fannie would only go to 95%.
Why Fannie Mae’s 97% Loan Is a Game Changer for Condos
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 vs. FHA: What Buyers Should Know
Fannie actually is better than FHA because 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.).
