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HomeStrength
Fannie Mae
www.fanniemae.com

Program Overview

HomeStrength is a program for a 30 year fixed rate term. The first mortgage is fully amortized. The Second Mortgage is a no interest, no payment mortgage, fully forgivable over a 10 year period. All servicing of this loan is retained by GMAC Mortgage. GMAC approved appraisers are required. Mortgage Insurance is required on all loans regardless of the Loan to Value. This program can be used in the Continental U.S. and Alaska and Hawaii.

Who is eligible for this program?

The program can be used by a first time homebuyer or a non-first time homebuyer with median income. All borrowers must live and be employed in the United States. All borrowers must occupy and take title to the subject property. The borrowers must have 1% of the sales price or $500.00 of their own funds. The seller can contribute up to a maximum of 3% for closing costs (not prepaids). For a first time homebuyer, the borrower's income cannot exceed 140% of the area's median income. The non-first time homebuyer's income cannot exceed 100% of the area median income. Income limits are waived when a county/state/local government municipality, housing finance agency or nonprofit organization is providing down payment or closing cost assistance. The income limits that those organizations have established will apply. This program is to be used on home purchases only. Is this program for first time buyers only? No

Property Eligibility Requirements

This program can be used in the Continental U.S. and Alaska and Hawaii. The sales price cannot exceed $ 359,650 in the continental U.S. and $ 539,475 in Hawaii and Alaska. Allowable property types: Eligible property types are 1 unit, PUD's, Condominiums, Modular Pre-Cut/Panelized housing; and Leasehold estates. Ineligible properties are 2-4 units, Co-ops and manufactured homes.

Benefit Details

Benefit: This program enables borrowers to purchase a home with no downpayment. Loan Term: 30 years Homebuyer Counseling / Education Required: Yes Owner Occupancy Required: Yes Other Program Comments: Other mortgage lenders may have their own similar version of this type of loan. However, this particular program is specific to GMAC Mortgage.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member or a participating Lender.