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Texas Fannie Mae Mortgages 

 

 Fannie Mae Logo

 

Texas Fannie Mae mortgages are available with a large variety of programs to choose from. The goal of Fannie Mae is to provide a good supply of mortgage products, and help increase the number of people that are able to be homeowners. In many cases a Fannie Mae will have the best overall terms for a home buyers needs. The following list is a summary of some of the most popular programs.

 Flexible 97 & 100

These plans are for customers that wish to finance with no down payment or a small down payment (3%). Good credit is required to qualify. Options include fixed rate terms up to 40 years and ARMs include 5/1, 7/1, and 10/1 terms. The finance rate is very low and there is an interest-only option. Because of current market conditions the Flex 100 program is not available at this time.

 Texas My Community Mortgage

This is  low down payment program with good interest rates. In the Houston area the household income limit is $60,900 and the maximum loan size is $417,000. Good crerit is required.

 Expanded Approval

This program has competitive financing for borrowers that may have had credit problems in the past. Fixed and adjustable terms are available. Purchase and refinance programs are available. Currently a large down payment is required for this program.

 HomeStyle Construction to Perm

This program combines the financing for land, construction, and a permanent mortgage. There is one loan and one closing which saves on closing costs. You may be able to borrow up to 95% of the construction cost plus the land.

 HomeStyle Renovation

This is for customers that want to combine a home purchase or refinance with major home improvements. AT THIS TIME WE ARE NOT ABLE TO OFFER RENOVATION LOANS.

 

Please contact us for more information on these or other programs. We can help you select the best plan for your needs.

 

 

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