- 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.