Profile picture for Trish1974

Are Conventional 97 loans still being offered?

  • October 06 2013 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (13)

Trish.

You will need to be in a purchase agreement and your loan officer will need to lock your loan with Fannie Mae before November 16th to be eligible for the program.

FHA is an alternative for you requiring only 3.5% for the down payment.

Depending upon where you are purchasing, there may be other programs available.

  • November 09 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user5905791
If I'm pre-approved for a Conventional 97 by November 16th, will that work... or do I need to have closed on a home by then? Thanks so much for the help
  • November 09 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes for now.
Effective November 16, 2013 Fannie Mae Announces NO More 3% Down Loans!

Fannie Mae has announced that they will eliminate 97% financing and cap financing at 95% for conventional loans.

Buyers with less than 5% down payments will now have to go with FHA financing, USDA or VA financing (if they are eligible).
 
IMPORTANT: You need to be in purchase contract and locked in by November16th to qualify for 3% down.

Call me for more details. I would be happy to help.

  • October 14 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Excellent point, Aaron -  we have Idaho Housing here and also have a 97% no MI product. Good luck!
  • October 14 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

FNMA is eliminating the 97% option with November 16th  DU release, and is also eliminating Interest Only option, max 30 yr loan, and qualifying for ARM at 2% above start rate. Assume FHLMC will follow suit.........
This could push some "fence sitters" into action now. Good Newsletter subject to Realtors and your database.
  • October 14 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The 97% conventional loan is going away on November 16th. 5% will become the minimum downpayment. FHA will still be there at 3.5%down
  • October 14 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for dk58
There are still conventional financing options available, in order to circumvent the FHA mortgage insurance which last longer than conventional loans. If you need any assistance with this or any other matter regarding the financing of your home, I would love to sit down with you and discuss in further detail. Thank you and have a great weekend!
  • October 13 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Absolutely - and this is a great alternative to FHA financing
The monthly Mortgage insurance is higher than a 5% option - but its still less than FHA and you can avoid the Up Front MIP as well -
  • October 13 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for j3350489
In my area yes . I am doing one now with a client . His bank requires a credit score of 700 or higher
  • October 13 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be sure to check with locally housing agencies to see if they offer any special low down payment programs.  Here in Colorado, we have the Colorado Housing and Finance Authority (CHFA) that offer a 3% down conventional loan with no mortgage insurance.  I know many states and cities have similar products available.
  • October 13 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes, these loans are available, however you may encounter high mortgage insurance premiums as compared to those with higher FICO scores. If the loan is for a purchsase of a home, you may want to compare to an FHA loan in the event you run into resistance, or higher fees. FHA offers higher DTI ratios for qualifying, and may have competitive MI rates and lower up front costs in certain situations. Lenders may also require a different FICO score than for conventional loans. Best of Luck!
  • October 07 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes you need a 620 FICO score.
  • October 06 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes they are, feel free to contact me if you would like a free quote.
Have a great evening!

Nathan
  • October 06 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.