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3% Down for Condos; Don’t Need FHA Approval for Condos!

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.).

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646