This information is not a replacement or substitute for information found in the Single-Family Seller/Servicer Guide or terms of your Master Agreement and/or Master Commitment. Publication 834, May 2019 Page 1 Summary of Upcoming Requirement Changes

Investment Property Mortgage Requirements An investment property mortgage has different requirements for down payment and reserves than a mortgage for a home you live in. An investment property mortgage is referred to as a non owner occupied and the home you live in is owner occupied.

Most people understand the basic minimum down payment requirements for single-family personal residences. Fannie Mae will buy mortgages from your lender with a down payment down to 5% (a gift down payment is now ok, thanks to a recent underwriting rule change from Fannie Mae and from Freddie Mac, under Freddie’s HomePossible program).

Credit Score. The minimum credit score required for a Fannie Mae HomePath mortgage is 660, and you must have a down payment of 3 percent of the purchase price.

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 · Long term: If you’re at least a few months away from applying for a mortgage, you could start putting your down payment and closing-cost funds into a separate bank account – ideally one that doesn’t have a lot of deposit activity. This will take care of the standard seasoning requirements and will also make it easier to source the funds (that is, to trace them back to their origin).

Gift funds may fund all or part of the down payment, closing costs, or financial reserves subject to the minimum borrower contribution requirements below.

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A payment reserve of up to six months PITIA is permitted when the borrower must vacate the property during renovation. The amount can be financed in the loan amount if.

When sweat equity is accepted toward the down payment, the borrower must contribute at least 3% from his or her own funds. For one-unit properties, a minimum down payment of 5% is required – 2% sweat equity and maximum LTV ratio of 95%.

On this page you’ll find general information pertaining to conventional loans and down payment assistance programs to help reduce purchasing costs.

Frequently Asked Questions: Home Possible Mortgages. These frequently asked questions about Home Possible mortgages will help you better understand some of the requirements for Freddie Mac’s flagship low down payment offering, including requirements for homeownership education and lender gifts and grants.

Starting July 20 for Fannie and July 28 for Freddie, the income cap for these low-down payment loans that offer discounted.