A special Fannie Mae fixed rate program with improved pricing and lower PMI requirements.  There are two ways to qualify for the program: (1) borrower annual income does not exceed 100% of the area median income; OR (2) property is located in a census tract where the median tract income does not exceed 80% of the area median income. 

To view income limits for the area in which your property is located, click here.

Borrowers obtaining a purchase mortgage must complete a 4-hour online Homebuyer Education course. 

Program Guidelines

Primary Residence

Purchase
Property Type Max Loan Amount Max LTV1 Max CLTV2 Min FICO
SFR/Condo 424,100 973 974 620
2-Unit 543,000 85 85 620
3-Unit 656,350 75 75 620
4-Unit 815,650 75 75 620
No Cash Out Refinance
Property Type Max Loan Amount Max LTV1 Max CLTV2 Min FICO
SFR/Condo 424,100 955 955 620
2-Unit 543,000 85 85 620
3-Unit 656,350 75 75 620
4-Unit 815,650 75 75 620
Risk-Based Add-OnsAdded to Points or Subtracted from Rebate, All Add-Ons are Cumulative

FICO Score (Maximum 1.500 Cumulative for FICO, Condo, 2-4 Unit and Subordinate Financing Add-Ons)

FICO LTV
<= 60%
LTV
60.01-70
LTV
70.01-75
LTV
75.01-80
LTV
80.01-85
LTV
85.01-90
LTV
90.01-95
LTV
95.01-97
740+ 0.000 0.250 0.250 0.500 0.000 0.000 0.000 0.000
720-739 0.000 0.250 0.500 0.750 0.000 0.000 0.000 0.000
700-719 0.000 0.500 1.000 1.250 0.000 0.000 0.000 0.000
680-699 0.000 0.500 1.250 1.500 0.000 0.000 0.000 0.000
660-679 0.000 1.000 1.500 1.500 1.500 1.500 1.500 1.500
640-659 0.500 1.250 1.500 1.500 1.500 1.500 1.500 1.500
620-639 0.500 1.500 1.500 1.500 1.500 1.500 1.500 1.500

Condo (Maximum 1.500 Cummulative for FICO, Condo, 2-4 Unit and Subordinate Financing Add-Ons)

FICO LTV
<= 60%
LTV
60.01-70
LTV
70.01-75
LTV
75.01-80
LTV
80.01-85
LTV
85.01-90
LTV
90.01-95
LTV
95.01-97
680+ 0.000 0.000 0.000 0.000 0.750 0.000 0.000 0.000
620-679 0.000 0.000 0.000 0.750 0.750 0.750 0.750 0.750

2 to 4 Units (Maximum 1.500 Cummulative for FICO, Condo, 2-4 Unit and Subordinate Financing Add-Ons)

FICO LTV
<= 60%
LTV
60.01-70
LTV
70.01-75
LTV
75.01-80
LTV
80.01-85
LTV
85.01-90
LTV
90.01-95
LTV
95.01-97
680+ 1.000 1.000 1.000 1.000 0.000 0.000 0.000 0.000
620-679 1.000 1.000 1.000 1.000 1.000 n/a n/a n/a

No Escrow Account6(For Payment of Taxes and Insurance)

FICO LTV
<= 60%
LTV
60.01-70
LTV
70.01-75
LTV
75.01-80
LTV
80.01-85
LTV
85.01-90
LTV
90.01-95
LTV
95.01-97
ALL 0.250 0.250 0.250 0.250 0.250 0.250 n/a n/a

Subordinate Financing(Maximum 1.500 Cummulative for FICO, Condo, 2-4 Unit and Subordinate Financing Add-Ons)

LTV RANGE CLTV RANGE FICO
<=679
FICO
680-719
FICO
>=720
<=75% <=80% 0.375 0.375 0.375
<=65% 80.01-95% 0.875 0.875 0.625
65.01-75% 80.01-95% 1.125 1.125 0.875
75.01-80% 76.01-95% 1.375 1.375 1.125
80.01-95% 76.01-95% 1.375 0.000 0.000
>=95% 95.01-97% 1.500 0.000 0.000

Notes:

(1) LTV refers to Loan-to-Value, the maximum percentage allowed when the mortgage amount is divided by the property value.

(2) CLTV refers to Combined Loan-to-Value, the maximum percentage allowed when all mortgages on the property (including home equity loans and lines of credit) are combined and that total is divided by the property value.

(3) Maximum LTV when a non-occupant borrower is used to help in qualification is 95%.

(4) CLTV up to 105% if the subordinate lien is a Community Seconds loan.

(5) LTV or CLTV up to 97% if the existing mortgage being refinanced is owned (or securitized) by Fannie Mae.

(6) You are required to have an escrow account for the payment of taxes and insurance if the LTV ratio on your loan is over 80% (89.99% in California.)

Our most popular program! Because 30 years is the longest term available, the monthly payments will be the lowest of any of the fixed rate programs.