Fannie Mae
Secondary Market Lender
Chartered by U.S. Congress in 1938, Fannie Mae was created in order to be a reliable source of mortgage financing across the country. Fannie Mae buys many of the loans that borrowers like you and I take out AFTER they close, pools and guarantees them, and then issues mortgage-backed securities that attract investment from the U.S. and around the world. This, in turn, frees up the capital of the direct mortgage lenders—thereby allowing them to make more loans to more eager homebuyers.
First Mortgage Programs Offered by Fannie Mae
HomeReady® Purchase Loan
Best For: First Time Homebuyers, Low Down Payments
Competitive pricing, affordable mortgage insurance and flexible qualification for buying a home with limited income and funds.
Min. Credit Score
620
Min. Down Payment
3%
Max. Loan Amount
$766,550
HomeReady® Refinance
Best For: Low Credit Scores, Lowest Rates
Competitive pricing, affordable mortgage insurance and flexible qualification for refinancing a home with limited income and equity.
Min. Credit Score
620
Min. Equity
5%
Max. Loan Amount
$766,550
Conventional High-Balance Purchase Loan
Best For: Large Loan Amounts, Lowest Rates, Easy Process
Conventional financing option above the conforming limit in designated high cost counties across the United States
Min. Credit Score
620
Min. Down Payment
5%
Max. Loan Amount
$816,500 - $1,149,825
Conventional High-Balance Rate-and-Term Refinance
Best For: Large Loan Amounts, Lowest Rates, Easy Process
Conventional refinancing above the conforming limit in high cost counties with flexible qualification for qualified homeowners.
Min. Credit Score
620
Min. Equity
5%
Max. Loan Amount
$816,500 - $1,149,825
Conventional Purchase Loan
Best For: Flexible Terms, Lowest Rates, Savvy Investors
Meet the most popular mortgage program. Flexible financing offering a wide range of attractive benefits to qualified homebuyers across the US.
Min. Credit Score
620
Min. Down Payment
5%
Max. Loan Amount
$766,550
Conventional High-Balance Cash-Out Refinance
Best For: Large Loan Amounts, Debt Consolidation, Cash-Out
Conventional cash-out refinancing allows for loans above the conforming in certain US high cost counties. An attractive alternative to a jumbo loan!
Min. Credit Score
620
Min. Equity
20%
Max. Loan Amount
$816,500 - $1,149,825
Up to 80% of Value Estimated Cash-Out Opportunity
RefiNow™ Refinance
Best For: Rate Reduction, Easy Process
A new, faster, and more affordable way to refinance your existing home loan to a lower rate or shorter term with fewer qualification obstacles.
Min. Credit Score
N/A
Min. Equity
3%
Max. Loan Amount
$766,550
97% LTV Conventional Refinance
Best For: Flexible Terms, Rate Reduction
Fannie Mae's 97% LTV Refinance allows for high loan to value ratios—so those with limited equity can refinance to a lower rate or different term.
Min. Credit Score
620
Min. Equity
3%
Max. Loan Amount
$766,550
HomeStyle® Renovation Refinance
Best For: Savvy Investors, Home Renovations
With HomeStyle®, homeowners can refinance with a budget for renovations, allowing them to turn their house into their dream home.
Min. Credit Score
620
Min. Equity
3%
Max. Loan Amount
$766,550
Conventional Rate-and-Term Refinance
Best For: Flexible Terms, Rate Reduction, Easy Process
Popular refinancing option for loan amounts under the conforming loan limit. Flexible qualification and attractive benefits to qualified homeowners.
Min. Credit Score
620
Min. Equity
5%
Max. Loan Amount
$766,550
Conventional Cash-Out Refinance
Best For: Flexible Terms, Rate Reduction, Easy Process
Popular cash-out refinancing option with flexible qualification guidelines for loan amounts under the conforming loan limit.
Min. Credit Score
620
Min. Equity
20%
Max. Loan Amount
$766,550
Up to 80% of Value Estimated Cash-Out Opportunity
97% LTV Conventional Purchase
Best For: First Time Homebuyers, Low Down Payments
The popular 97% LTV Purchase Program from Fannie Mae helps first time homebuyers by allowing for down payments as low as 3%.
Min. Credit Score
620
Min. Down Payment
3%
Max. Loan Amount
$766,550
HomeReady® High-Balance Purchase Loan
Best For: First Time Homebuyers, Large Loan Amounts
HomeReady® financing option above the conforming loan limits in designated high-cost counties across the United States.
Min. Credit Score
620
Min. Down Payment
3%
Max. Loan Amount
$816,500 - $1,149,825
HomeReady® High-Balance Refinance
Best For: Limited Equity, Large Loan Amounts, Easy Qualification
HomeReady® refinancing option above the conforming loan limits in designated high-cost counties across the United States.
Min. Credit Score
620
Min. Equity
5%
Max. Loan Amount
$816,500 - $1,149,825
HomeStyle® Renovation Purchase Loan
Best For: High Credit Scores, Home Renovations
HomeStyle® allows for the renovation budget to be financed into the loan, allowing homebuyers to turn their house into their dream home.
Min. Credit Score
620
Min. Down Payment
3%
Max. Loan Amount
$766,550
HomeStyle® High-Balance Renovation Purchase Loan
Best For: Large Loan Amounts, Home Renovations
Popular renovation mortgage option for purchasing a home with a loan amount above the standard conforming limit.
Min. Credit Score
620
Min. Down Payment
5%
Max. Loan Amount
$816,500 - $1,149,825
HomeStyle® High-Balance Renovation Refinance
Best For: Large Loan Amounts, Home Renovations
Refinance with a budget for renovations for a loan amount above the standard conforming limit, allowing you to turn your house into your dream home.
Min. Credit Score
620
Min. Equity
5%
Max. Loan Amount
$816,500 - $1,149,825
See If You Qualify for Fannie Mae Loans
* ReviewMyMortgage.com Inc. is in no way affiliated with or endorsed by Fannie Mae or any of its subsidiaries. We are an educational resource website that compiles information on different financing institutions and the loan products they offer in the United States.
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