AmeriSave Mortgage Corporation announces that it will participate in the 97% loan-to-value program rolled out by Fannie Mae earlier this month.
Fannie Mae rolled out the program to build upon the success of a lower down payment option program offered by state Housing Finance Agencies in hopes that this option will expand credit access to more first-time homebuyers.
AmeriSave believes this new program will especially help those consumers with good credit, facing high apartment rents to buy a home and potentially save money with a lower payment.
“We are very excited to offer our customers a conventional loan with as little as 3 percent down,” Jason Hultgren, Senior Vice President and Regional Mortgage Sales Manager, said.
The down payment can come from a gift and the new program is available to first-time homebuyers, or those who haven’t owned a home in the previous three years. “This program opens doors to homeowners who haven’t yet established substantial savings because of student loans and high rent,” he said.
In addition to new home purchases, eligible homeowners who wish to refinance their Fannie Mae owned mortgage but do not qualify for Home Affordable Refinance Program can refinance their mortgage up to the 97% loan-to-value ratio with limited cash out.