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Fannie Mae Announces 97 Percent LTV Option for First-Time Homebuyers

First-time home buyers and those seeking to refinance their homes got a Christmas gift from Fannie Mae and Freddie Mac last week; they lowered down payment requirements to 3 percent and the ability to reduce equity to 3 percent for those refinancing.

“Our goal is to help additional qualified borrowers gain access to mortgages,” said Andrew Bon Salle, Fannie Mae Executive Vice President for Single Family Underwriting, Pricing and Capital Markets. “Our new 97 percent LTV offering is simply one way we are working to remove barriers for creditworthy borrowers to get a mortgage. We are confident that these loans can be good business for lenders, safe and sound for Fannie Mae and an affordable, responsible option for qualified borrowers.”