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by Real Estate Guy on September 10th, 2003
Fannie Mae's Community Home Buyers Program allows first-time buyers with little cash to obtain 95 percent financing. Participants may put down as little as 3 percent of their own money, with the remainder permitted in the form of a gift from family members, a government program or nonprofit agency. Mortgage insurance is required on all loans above 80 percent loan-to-value ratio when borrowers do not use their own funds for at least 5 percent down.
The program is administered through participating lenders. There are income limits in different states. However, the income restriction is waived when borrowers participate in the Fannie Neighbors program. Fannie Neighbors also has lower income requirements for borrowers who want to buy in designated central cities.
People who are borrowing in either of these programs must attend a seminar on home ownership and the home buying process.
For a list of participating lenders, call Fannie Mae at (800) 732-6643.
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by Jim in a Nautilus COAT on April 25th, 2009
| 4 people like this
How can an FDA regulation declare that ONLY drugs, radiation, and surgery can cure disease? Can we really regulate reality?
by LarryH54 on June 29th, 2010
| 1 person likes this
Do you Know of Any Bureaucracies Which Even Try to Live up to their "High Sounding Words"?
by mdGreg on May 15th, 2010
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I really want to be a Counselor, do you think this place looks legit? Any ideas would be helpful!!!!!!!!
by Chrisguy on April 23rd, 2011
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I live in a rural area (town pop. of 150). There is a school that was built in the 1950's, last upgraded in 2000 before closing in 2005. I am interested in buying this school as a residence. Are there any government money out there
by Anonymous on March 4th, 2009
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great
by TRAVIS SIMPSON on August 5th, 2004