Florida Mortgage Blog

The new Fannie Mae 97% Loan creates a larger payment than the FHA 96.5% loan

April 3rd, 2015 10:37 AM by Preston Ware

The New Fannie Mae 97% Mortgage
vs
the Old 96.5% FHA Mortgage 

In 2015, the mortgage world had a nice addition to the product mix with the New Fannie Mae 97% Mortgage. This mortgage is great for low money down home buyers who want an alternative to the typical FHA 96.5% loan that is currently offered..

On this page, I hope to demonstrate the subtle differences 
between the two loans. 

 
 


When the Fannie Mae 97% loan came out there was a big stir among Mortgage Lenders and Realtors because everyone knows the difficulties we have sometimes getting an FHA offer accepted. In some counties listing agents actually write right on their MLS, "No FHA".

Fannie Mae 97% mortgage


In general, Realt Estate Agents believe that an FHA offer is harder to get done than a conventional offer. Many listing agents have the perception that an FHA appraisal has more scrutiny than a conventional appraisal. Many listing agents believe that a FHA loan is harder to underwrite than a conventional loan. As a mortgage banker I believe they are equally as difficult but it is the Realtors perception that matters.

If the general consensus of listing agents out there believe this to be true, then it is real and is reality for a client making an offer on a house. 


Go to the page for more : http://www.prestonware.com/Fanniemae97Mortgage




Posted by Preston Ware on April 3rd, 2015 10:37 AM

Archives:

My Favorite Blogs:

Sites That Link to This Blog: