Houston Fannie Mae Expanded Approval

Texas Fannie Mae Expanded Approval Mortgage

Fannie Mae is one of the world’s largest corporations. One of their most popular programs is the Expanded Approval mortgage. This may be an ideal program for customers with past credit problems and/or for those with minimal funds for down payment. This may also be a good option for customers that want to refinance out of a high rate mortgage. Listed below are some of the features and benefits of this plan.

In 2008 the credit and down payment requirements for this program became stricter. Currently very good credit is required for small down payment financing. With a credit score of 580 to 620 you might be able to qualify with 20%+ cash down.

Ø Perfect credit is not required.

Ø Competitive interest rates.

Ø Loan amounts up to 97% of the purchase price.

Ø Higher loan limits than FHA, no geographic limitations, no income limits.

Ø Fast loan decisions.

Ø A choice of adjustable or fixed rate terms.

Ø A 3% interested party contribution is generally allowed if the LTV is greater than 90%. A 6% contribution is allowed from 76% to 90%.

Ø A bankruptcy or foreclosure may be allowed if they were 2 or more years ago.

The Texas Capital Mortgage home office is in Houston. We do mortgages anywhere in Texas and participate in Fannie Mae programs. Free consultations are with no obligation. Please contact one of our loan officers for more information.

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Texas Capital Mortgage - 28 FM 1960 West - Houston, TX 77090
Office Phone: 1- 866-433-0500 toll free Fax: 832-565-1656

Texas Mortgage Broker License #65252.

We provide service for the entire state of Texas.

Our goal is to provide your with the best mortgage products with low rates and superior service. Call one of our experienced loan officers for a rate quote or answers to your financing questions.