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Loan Programs: Low-Down 97 and 100


If you have limited funds to use toward a down payment and/or closing costs, these low down payment mortgages may need to get the "Low-Down". The Low-Down 97 and 100 loan programs are our company's implementation of the Fannie Mae Flexible 97 and 100 and Freddie Mac Alt 97 and 100 loan programs.

These flexible financing solutions enable our company 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 Low-Down 97 and 100 Mortgages are available as 15- or 30-year fixed-rate loans, or as 5/1, 7/1, and 10/1 adjustable-rate mortgage (ARM) loans.

Loan Features

  • No down p ayment (Low-Down 100) or 3 percent down payment (Low-Down 97).

 

  • You must make a minimum contribution of at least $500 of your own funds on the Low-Down 100, or 3 percent from flexible sources of funds 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.
  • The Low-Down programs typically require minimum credit scores of 680 (median score).

Considerations

  • 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.
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