New Freddie Mac homebuyer assistance program not limited to first time buyers ... Fannie Mae 97% vs. Freddie Mac 95% and 97% loans

Freddie Mac is releasing it's Home Possible and Home Possible Advantage programs on March 26th 2015. Both Fannie Mae and Freddie Mac have versions of 'help for home buyers' programs. These 4 new loan programs offer home loan shoppers a wide range of opportunity.
Here's a brief summary:

                                Fannie 97%       Fannie  97%      Freddie 95%         Freddie 97%
                         My Community       Standard        Home Possible      Home Possible
                                                                                                                   Advantage

Property type:           one unit             one unit            1-4 units             one unit

Manufactured:
homes allowed?            No                     No                      Yes                    No

Are there income
limits?                           Yes                    No                       Yes                  Yes

First time
homebuyers only?        Yes                    Yes                       No                   No


Down Payment
Required (min)            3%                      3%                       5%                  3%


Debt Ratios                 45%                     45%                     45%               45%


Refinancing
available?                  No            If Fannie non MCM         Yes                 Yes


There are dozens of nuances to these programs.  This Mortgage Minutes post hits only a few high points in terms of differences but there are many more. Credit score requirements are dependent upon a variety of things as are interest rates.  Reserves and home buyer counselling requirements are specifically guided as well. In addition, Fannie Mae offers special consideration to teachers, firefighters, police officers, health care workers and military personnel as well as disability support.

These are great programs truly designed to help real people.  Here's a link to Freddie Mac that is packed with good data.
http://www.freddiemac.com/singlefamily/factsheets/sell/pdf/home_possible_97_572.pdf
The Fannie Mae site is here:
https://www.fanniemae.com/content/announcement/sel1415.pdf


As a California licensed mortgage professional, I am obliged to the usual disclaimers and disclosures. Meeting the scope of the limited information found in this posting will in no way qualify one for  home financing. On March 26th 2015, these programs will all be a part of the modern lending landscape and should be considered when applying for a mortgage

Dan DeVere
661-400-5040
dan@pfmd.com
NMLS 295207  CBRE 01110945
Pacific Funding Mortgage Division
39409 10th Street West     Suite B
Palmdale, CA 93551
25350 Magic Mountain Parkway #190
Valencia, CA 91355