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Fannie Mae Programs
This is the complete list of Fannie Mae programs that are designed to help individuals
and families become homeowners. For more information on Fannie Mae's Programs or
on locations of Fannie Mae lenders call the Fannie Mae Fulfillment Center
at 1-800-471-5554
Link 1
Link 2
ElderHomes Programs
The Community Home Buyer's Program
This program is Fannie Mae's signature affordable housing product. This low 5 percent
down payment mortgage is a 15- to 30-year fixed-rate mortgage with 33/38 debt-to-income
ratios. No cash reserves are required, and the income limit can be removed if the
borrower purchases his or her future home in a designated central city or in an
eligible minority or low-income census tract. Homebuyer education is required, but
can be waived in certain circumstances. Post-purchase early delinquency counseling
is recommended, but not required.
The 3/2 Option
This mortgage product makes it easier for low and moderate-income borrowers to obtain
the required 5 percent down payment for a 15- to 30-year fixed rate mortgage. With
the 3/2 Option, borrowers only need 3 percent from their own funds for the down
payment, and 2 percent can come from either a gift from a family member, or a grant
or unsecured loan from a non-profit organization, public agency. Under certain conditions,
secured financing from a public agency or non-profit organization will suffice.
No cash reserves are needed at closing. Homebuyer education is required, and post-purchase
delinquency counseling is recommended, but not required.
Fannie Mae's Community HomeBuyer's Program Start-Up Mortgage
This mortgage is a thirty- (30) year fixed-rate mortgage that is designed to help
homebuyers with modest incomes qualify more easily for a mortgage loan. Fannie Mae's
Community Home Buyer's Program Start-Up Mortgage is a graduated payment mortgage
where interest-only payments are dues the first year. Afterwards, monthly payments
(not the interest rate) increases 2 percent each year until the loan becomes fully
amortizing. When the loan becomes fully amortized, the monthly payment will be fixed
for the remainder of the loan's term. A 5 percent down payment is required and must
come from the borrower's own funds. The debt-to-income ratios are 33/36, and one
month's payment reserves are needed at closing. Face-to-face homebuyer education
and post-purchase early delinquency counseling are required.
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