FNMA Loan Products

Down To
620
FNMA Loan Products

Conventional Purchase

While a conventional mortgage appeals to a wide demographic, it’s especially good for first-time borrowers with decent credit and some amount of down payment. Conventional loans also come with lower costs and home buying flexibility.

The RAC Advantage

Down to 620 with DU approval
3% down payment – 97% financing
Lower mortgage insurance costs than FHA
No monthly mortgage insurance with 20% or more down payment

FNMA Loan Products

Conventional Refinance

The conventional refinance is a non-government-backed loan that is used to refinance or replace any existing mortgage. A conventional loan can refinance any loan type, so it has many uses. For example, borrowers can use a conventional refinance to cancel their FHA mortgage insurance, refinance their conventional loan, or get out of a high-interest sub-prime loan.

The RAC Advantage

Down to 620
Can be used to refinance any loan type
Ability to refinance out of mortgage insurance (FHA, USDA, VA)
Loan service (we are experts in restructuring loans to get them approved)

FNMA Loan Products

HomeReady
Program

The HomeReady mortgage is a great loan program for low-to-moderate income borrowers, with expanded eligibility for financing homes in low-income communities. The HomeReady mortgage offers 97% financing, reduced mortgage insurance costs, and the most innovative underwriting idea – the income of everybody living in the home can be used to get approved, regardless of their credit scores.

The RAC Advantage

Down to 620
Income from relatives can be used to help qualify
Up to 50% DTI
3% down payment – 97% financing

FNMA Loan Products

HomeStyle Program

First-time homebuyers are now seeking properties that are in their preferred locations that need updating, and then, renovating it to fit their needs. The industry has seen an influx of first-time homebuyers turn to renovation loans such as Fannie Mae’s HomeStyle loan program.

The RAC Advantage

Down to 620
5% downpayment
One-time close home construction loan
Just about any type of renovation or repair is eligible
Seller concessions are permitted

FNMA Loan Products

W-2 Income Only Program

Fannie Mae will accept W2’s in lieu of tax returns.

Borrower Requirements:

W2 income in the same line of work for recent 2 years
30 days of pay stubs required for this year’s income
Base income only (cannot use bonus or overtime income)
Two years of verified employment in the same line of work
60 days of bank statements
Provide signed 4506-t or 8821 for two previous years
Self-employed or claimed un-reimbursed expenses not eligible