Quick Facts

  • Type of Loan: Non- Government Loan.- Owned by Fannie Mae & Freddie Mac
  • Loan Term: 5, 10, 15, or a 20 years
  • Credit Score Requirements: 620 Middle Credit Score
  • Down Payment Requirements: 3% under special FNMA and FHLMC programs
  • Interest Rate: Fixed/ Adjustable
  • Private Mortgage Insurance:  Required with less than a 20% down payment or 20% equity on a refinance.
  • Additional Facts: Typically requires 5% down; however, there are special programs allowing 3% down. One of the most popular mortgages chosen for a purchase or refinance in the mortgage industry.
 

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