With a Flexible 100 mortgage, you don't need to make a down payment and can provide as little as $500 of your own money toward closing costs. With a Flexible 97 mortgage, you can pay just 3 percent of your home's purchase price toward your down payment, and this amount can come from sources such as gifts, grants, loans from relatives or nonprofit groups; or employer-assisted housing.
Key Features:
You can select from a fixed-rate mortgage with a term of 15, 30, or 40 years, or a 30-year adjustable rate mortgage (ARM). With an ARM, the rate stays fixed for the first 5, 7, or 10 years (you decide), and after that, the interest rate changes annually after the 5th, 7th, or 10th year.
Flexible 100 and Flexible 97 mortgages use Fannie Mae's automated underwriting system to evaluate your application. This means faster service and loan decisions with all different types of credit profiles.
Expect to have the money to make the final payment at the balloon date
Flexible 100 and Flexible 97 mortgages are not restricted based on how much money you earn.
Terms and conditions apply. Some programs may not be available in all states and they may change without notice. State restrictions and limitations may apply. This is for educational purposes only. Contact your Data Mortgage
Reverse Mortgage loan representative for complete details.
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