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Mortgages With Little Or No Down Payment - Fannie Mae Flexible 97 and 100

Flexible 97 & 100

Here in St Petersburg, when our home prices rise above $150,000 the Zero down mortgage options start to decrease. The reason is that many St Petersburg mortgage programs have income caps (approximately $54,000) or geographic limitations . Now you can offer borrowers more options for low down payment mortgages and more flexibility in their sources of funds for down payment and closing costs. With a Flexible 100 mortgage, the borrower doesn't need to make a down payment and can provide as little as $500 of their own money toward closing costs. With a Flexible 97 mortgage, the borrower can pay just 3% of the purchase price toward a down payment, and this amount can come from sources such as gifts, grants, loans from relatives or nonprofit groups; or employer-assisted housing.

There are several product lines available to assist borrowers in getting the right mortgage for their needs. There are the standard fixed-rate Mortgages and 5/1, 7/1, and 10/1 ARMs, which can help you qualify for a larger home.

So if you have limited funds for a down payment and closing costs, take a look one of the most flexible mortgaes available- Fannie Mae's Flexible 100 or Flexible 97.

Posted by Scott Hoag on 07/02/2007 02:14 PM

Comments (9)

flexible 100, flexible 97, mortgage, zero down, no down, st petersburg

9 Comments on Mortgages With Little Or No Down Payment - Fannie Mae Flexible 97 and 100

Yes, great programs. I use them a lot in Georgia. Very similar to the MyCommunity Loan. Great post!

07/02/2007 02:44 PM

by Open Home Mortgage - Georgia's FHA Loan Expert (Open Home Mortgage - Georgia FHA Loan # 1 Lender)

I use these programs as well, there are several options for a flex mortgage. Combo's are a nce way to save your borrower from having to pay monthly PMI. Most of my lenders will give better pricing for a 75/25 combo. The borrower needs a 660mid to qualify for these combos.

07/03/2007 09:14 AM

by Rod Hawkins (F&M BANK)

Open Home Mortgage- Thanks for stopping by

Rod- Hey Rod! Good point about the 75/25 loans...they are offering 9% seller concessions now so you can really give a buyer some strong incentives to buy a home instead of waiting

07/03/2007 01:29 PM

by Scott Hoag (Gulf & Southern Mortgage)

Yep, high LTV loans are still available.

Because people are still paying their mortgages..... at least those that could afford one in the first place. The exotic loans and subprime might be tight.... but Fannie Mae is still rockin

07/03/2007 01:36 PM

by Tom Burris | Texas Home Loan Expert (DallasLoanGuy.com)

I love FNMA loans, I have been assisting a client in repairing their credit since January and last week I finally got an approval and the middle FICO was 503. I thought that would never happen. These are great programs.

07/03/2007 10:30 PM

by DENISE MCFARLAND (MUNFORD MORTGAGE)

Thank you very much for sharing, that was good information

07/04/2007 03:17 AM

by Shane Sarae, Senior Mortgage Planner (Loan Network LLC)

Tom- I think the same thing about FNMA...lots of programs to help us qualify more people with low and no down payments, FHA is just as aggressive in my opinion

Denise- 503!!! that is just crazy low, I don't know how you did that!! What were the compensating factors, 30% LTV?

Shane- thank you for stopping by

07/05/2007 05:28 PM

by Scott Hoag (Gulf & Southern Mortgage)

Here are a couple other great options:

MyCommunity (though not as good since the 1point rate hike)
Home Possible (basically the same as MyCommunity and without the rate hike...at least not yet)
FHA in conjunction with a DPA program

07/11/2007 10:54 AM

by Allan Pape (PrimeLending)

Flex programs are a good option

07/11/2007 11:47 AM

by 1st Metropolitan Mortgage

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