Endorsed by the Reform Party, Ron Brown Democratic Club, Isaiah Project,
AFRAM SEIU 250, AFRAM SEIU 535, AFRAM SEIU 616, AFRAM SEIU 790, AFRAM SEIU
1000, AFRAM SEIU 434-B, CAHEED, ASNA, OMI NEIGHBORS
Email us on:
webmaster@affordable-
homeownership.org
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Condos4Tenants:
FNMA Loan Facts
Product type
Fixed-rate, fully amortizing, purchase money mortgages with 10-, 15-, 20-, 25-, or 30-year terms
Eligible properties
One family, principal residences, including condos and PUDs
Max loan amt
$252,700
Underwriting
Desktop Underwriter only
Max LTV/CLTV
97% (up to 105% CLTV allowed with Community SecondsŪ loan)
Source of funds
Gift, grant, or loan from family, employer, government, or nonprofit; or borrower's own funds, which includes loans secured by assets such as a 401(k) account, CDs, stock, cash-value life insurance, etc.
Seller contribution
3% -- may cover closing cost and upfront fee
Reserves
No minimum requirement -- actual amount varies based on loan characteristics
Ratios
Expanded -- varies based on loan characteristics
Origination
Retail, wholesale, or correspondent
Mortgage insurance
18% coverage; premium as low as 50 bp annually, payable monthly
Upfront fee
1.5% (supporting lower MI cost and all-in lower monthly payment, which may be premium rate e.g., 0.375% in note rate, or paid through seller contribution)
Delivery
MBS -- delivered under existing contracts without restriction
Cash -- special commitment required
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For any other information please contact us on webmaster@affordable-homeownership.org
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