FNMA & FHLMC Mortgages

ConventionalHome 1 - Fannie Mae (FNMA)  |  Freddie Mac (FHLMC)

FNMA & FHLMC mortgage programs are the most popular options available primarily due to the added convenience of an automated underwriting systems (AUS). Desktop Underwriter (DU) is FNMA’s version of AUS, and Loan Prospect Advisor (LPA) is FHLMC’s version of AUS.  The AUS increases approvals and typically allow for less stringent documentation. For instance, Approve/Eligible findings may offer an appraisal waiver as well as reduced income and asset documentation for verification.  In addition, conventional loan programs allow for low down payments with lower mortgage insurance (MI) premium requirements than competing government programs such as FHA.  

Below are some of the other advantages of  FNMA & FHLMC programs:

  • Credit approvals & higher DTI’s determined per DU or LPA
  • FNMA HomeReady and FHLMC Home Possible & HomeOne available with 3% Down Payment
  • Up to 97% LTV on Fixed Rate programs available up to $726,200 loan amounts for 1-unit properties
  • High Balance available up to 95% LTV with max loan amount of $787,750 in Denver Metro counties, and upwards of $856,750 in other High Balance counties for 1-unit properties
  • 3/1, 5/1, 7/1, & 10/1 ARM’s available up to 95% LTV
  • LPMI available up to 95% LTV with 620+ FICO scores
  • 1 Year tax returns may be acceptable per LPA findings
  • Non-Occupant Co-Borrowers permitted up to 95% LTV with AUS approval
  • Manufactured Homes allowed up to 95% LTV
  • Fannie Mae HomeStyle Renovation program available

Contact Dave Kevelighan for FNMA & FHLMC programs and pricing today!

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