Mortgages with little or no down payment. Are you concerned about not having enough money for a down payment? Or, would you like to set aside some of the money you have saved for move-in expenses? If so, a Flexible 100TM or Flexible 97® mortgage might be what it takes to get you into your own home. With a Flexible 100 mortgage, you don't need to make a down payment and can provide as little as $500 of your own money toward closing costs. With a Flexible 97 mortgage, you can pay just 3 percent of your home's purchase price toward your down payment, and this amount can come from sources such as gifts, grants, loans from relatives or nonprofit groups; or employer-assisted housing.
- You can select from a fixed-rate mortgage with a term of 15, 30, or 40 years, or a 30-year adjustable rate mortgage (ARM). With an ARM, the rate stays fixed for the first 5, 7, or 10 years (you decide), and after that, the interest rate changes annually after the 5th, 7th, or 10th year.
- Flexible 100 and Flexible 97 mortgages use Fannie Mae's automated underwriting system to evaluate your application. This means faster service and loan decisions for borrowers with all different types of credit profiles.
- Flexible 100 and Flexible 97 mortgages are available from many lenders throughout the United States, and are not restricted based on how much money you earn.