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Your Loan Options

Fannie Mae 97% purchase loans

This product may be a less expensive option than FHA for those First Time Buyers with good credit.

  • 3% down
  • Conforming loans up to $417,000 loan amount with 700+ credit score
  • Single family residence only and only owner occupied
  • Condos or duplexes need 5% down

FHA – 96.5% loan

  • 3.5% downpayment
  • Upfront mortgage insurance premium of 1% rolled into the loan (or can be paid with Seller credits)
  • Credit scores of 620+
  • Loan amounts to $567.500 (Loan limits likely to decrease by end of year.)
  • Parents and family members can gift funds for down payment and closing costs
  • Parents can co-sign and still only need 3.5% down
  • Up to 6% Seller contributions okay
  • Owner occupied only

US Department of Agriculture loans

  • 100% loan with zero down
  • The ‘not so rural areas’ include Duvall, Snoqualmie, Fall City, and North Bend.

Fannie Mae HomePath loans

  • 3% down
  • NO monthIy mortgage insurance payment
  • Investor and 2nd homes okay with 10% down and no monthly mortgage insurance

Fannie Mae incentives for some bank-owned owner-occupied homes

  • 3.5% in closing costs for owner occupied homes can be paid by Seller
  • Initial offer must request the incentive and be submitted after April 11th and close by June 30th
  • No appraisal
  • No monthly mortgage insurance cost
  • Loans up to $567,500
  • Single Family & Condos
  • Seller can pay closing costs, origination fee, loan discount points
  • Lots of listings on the HomePath website!

How much can Sellers contribute?

For a conventional loan, sellers can contribute:

  • 3% with less than 10% down payment
  • 6% with 10% to 25% down payment
  • 9% with  25% or more down payment