Texas Cash Back Real Estate
Jill Aylwin - Real Estate Broker, Realtor, MBA
Ph: (281) 334-CASH
Low Down Payment: Flexible 97® and Flexible 100™ Mortgages
If you have limited funds to use toward a down payment and/or closing costs, these low down payment mortgages may be for you.
Fannie Mae's Flexible financing solutions enable lenders to provide you with options for making a low down payment, and allow you to use flexible sources for funding your down payment and closing costs.
Both the Flexible 97 and Flexible 100 Mortgages are available as 15-, 30-, or 40-year fixed-rate loans, or as 5/1, 7/1, and 10/1 adjustable-rate mortgage (ARM) loans.
No down payment (Flexible 100) or 3 percent down payment (Flexible 97).
You must make a minimum contribution of at least $500 of your own funds (Flexible 100 only), or 3 percent from flexible sources of funds (Flexible 100 and Flexible 97) toward down payment and/or closing costs. In addition to your own funds, allowable flexible sources include gifts, grants, or unsecured loans from relatives, employers, public agencies or nonprofit organizations, or secured borrowed funds.
Home-buyer counseling is not required.
Minimize your own outlay of funds, since you can make a minimum contribution of $500 of your own funds or use flexible sources for the minimum 3 percent borrower contribution.
You can finance up to 100 percent of the purchase price of your home.
There are no income restrictions.
Here is a hypothetical example:
$100,000 purchase price
3% down payment
1% origination fee and 15 days prepaid interest
8% interest rate
8.6008% APR (which includes estimated mortgage insurance)
$711.76 monthly principal and interest payment plus $50.93 for estimated mortgage insurance
The interest rate and APR shown are examples only and are not intended to represent actually available terms.
Flexible 97 is a registered trademark and Flexible 100 is a trademark of Fannie Mae.
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