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Fannie Mae Flex100
Fannie Mae
www.fanniemae.com

Program Overview

Fannie Mae Flex100 is a program for a no downpayment loan. The borrower is required to pay a 3% contribution towards closing costs at closing. These funds can come from flexible sources. The borrowers must pay a minimum of $500.00 of their own funds towards the down payment and/or closing costs. All locations in the United States are eligible for this program.

Who is eligible for this program?

No down payment is required by the borrower. However, a 3% borrower contribution for closing costs and prepaid fees is required. This contribution does not have to come from personal savings. The seller of the property can make up to a 3% contribution toward your closing costs. There are no income limitations or income qualifications for this program. The funds are to be used for a purchase transaction or a limited cash out refinance. Is this program for first time buyers only? Yes

Property Eligibility Requirements

Locations anywhere in the United States qualify for this program. The sales price cannot exceed $ 333,700. Allowable property types: Single family, 1 unit, primary residences, including condos, PUDs, and leaseholds. No co-ops, manufactured housing, or HomeStyle transactions.

Benefit Details

Flex100 is for borrowers who have limited funds for down payment and/or closing costs and can contribute $500.00 of their own funds, have a desire to use funds for other investments or expenditures, or have access to alternative sources of funds such as gifts or loans from family members or subordinate financing. These loans go through a streamlined automated underwriting process, using Fannie Mae's Desktop Underwriter system, which decreases processing time and may decrease some closing costs. Benefit: The target audience for the Flex100 program are first-time homebuyers and others who have minimal funds for down payment and closing costs. The Flex100 offers the borrower more options for low down payment mortgages, and more flexibility for sources of funds for down payment and closing costs. For eligible buyers, a minimum of $500 from the borrower's own funds towards down payment or closing costs is necessary to obtain financing. Loan Term: 30 years Homebuyer Counseling / Education Required: No Owner Occupancy Required: No Other Program Comments: There are no income or geographic limitations.

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