Fannie Mae Conventional mortgage terms overview, including maximum LTV of 97%, minimum FICO score of 620, various property and occupancy types, and loan terms ranging from 8 to 30 years. Best terms for borrowers with 700+ credit scores.

The Most Common Type of Mortgage

Key Loan Details (Purchase or Refinance)

  • Best Terms for Most Borrowers: It’s the most popular because it offers the best terms for most people. That means the lowest payment for the least cost.

  • HomeReady: A special type of Conventional loan only for First Time Home Buyers making less than 80% Area Median Income. Fannie Mae waives significant pricing adjustments, which means you get a better rate if you qualify.

  • HomeStyle: Fannie Mae’s renovation loan program designed to finance renovation costs. Your down payment is a percentage of the completed value after renovations, as little as 3%.

  • Funding Sources: Down payments and closing costs can be covered through gifts, grants, or Community Seconds®, with no minimum personal contribution required.

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