FAQ Category: Home Mortgage
What are the credit score requirements for a Home Possible® Mortgage?
The minimum credit score required for a Home Possible® Mortgage is typically 620. However, having a higher credit score can improve your chances of qualifying and securing better interest...
Continue ReadingWhat is the debt-to-income (DTI) ratio requirement?
Your debt-to-income ratio should generally not exceed 50%. This means that your total monthly debt payments, including your new mortgage, should be 50% or less of your gross monthly...
Continue ReadingIs homeownership education required?
Yes, Home Possible® requires first-time homebuyers to complete a homeownership education course from an approved provider, such as CreditSmart. This course helps prepare you for the responsibilities of homeownership and provides valuable financial...
Continue ReadingCan I refinance an existing mortgage with a Home Possible® Mortgage?
Yes, Home Possible® offers refinancing options that can help you take advantage of lower interest rates and better loan...
Continue ReadingWhat are the benefits of a Home Possible® Mortgage Loan?
Home Possible® offers numerous benefits, including low down payment options, flexible underwriting standards, competitive interest rates, and the ability to use various sources of funds for down payments. It also promotes financial literacy through...
Continue ReadingHow can I apply for a Home Possible® Mortgage Loan?
Apply online or contact our mortgage specialist, Michelle Dzon, who will guide you through the application process, help you understand your options, and determine your eligibility. Michelle Dzon is authorized to act as an agent on behalf of People...
Continue ReadingWhat is a Fannie Mae Fixed Rate Mortgage Loan?
A Fannie Mae Fixed Rate Mortgage Loan is a home loan with a fixed interest rate that remains the same throughout the life of the loan. It is backed by Fannie Mae and offers predictable monthly payments, making it a popular choice for homebuyers seeking...
Continue ReadingWho is eligible for a Fannie Mae Fixed Rate Mortgage Loan?
Eligibility for a Fannie Mae Fixed Rate Mortgage Loan typically requires a good credit score, a stable income, and a manageable level of debt. Specific eligibility requirements can vary, so it's best to contact People Driven Credit Union for detailed...
Continue ReadingWhat are the down payment requirements for a Fannie Mae Fixed Rate Mortgage Loan?
Down payment requirements for a Fannie Mae Fixed Rate Mortgage Loan can vary, but typically range from 3% to 20% of the home’s purchase price. Lower down payments may require private mortgage insurance...
Continue ReadingWhat are the credit score requirements for a Fannie Mae Fixed Rate Mortgage Loan?
The minimum credit score for a Fannie Mae Fixed Rate Mortgage Loan is usually around 620. However, higher credit scores can help you qualify for better interest rates and terms. What Is the Fannie Mae Home Loan Program? The Fannie Mae home loan program...
Continue ReadingWhat types of properties are eligible for Fannie Mae Fixed Rate Mortgages?
Eligible properties include single-family homes, condominiums, and multi-unit properties (up to four units). The property must be used as your primary...
Continue ReadingHow long are the loan terms for Fannie Mae Fixed Rate Mortgages?
Common loan terms for Fannie Mae Fixed Rate Mortgages are 15, 20, and 30 years. The term you choose will affect your monthly payments and the total interest paid over the life of the...
Continue ReadingWhat are the benefits of a Fannie Mae Fixed Rate Mortgage Loan?
Predictable Monthly Payments: Your interest rate and monthly payments remain the same throughout the life of the loan. Stability: Fixed rates provide financial stability and simplify long-term budgeting. Flexibility: Available for various...
Continue ReadingCan I refinance my existing mortgage with a Fannie Mae Fixed Rate Mortgage?
Yes, refinancing with a Fannie Mae Fixed Rate Mortgage can help you secure a lower interest rate, reduce your monthly payments, or change your loan term to better suit your financial...
Continue ReadingHow do I apply for a Fannie Mae Fixed Rate Mortgage Loan?
Apply online or contact our mortgage specialist, Michelle Dzon, who will guide you through the application process, help you understand your options, and determine your eligibility. Michelle Dzon is authorized to act as an agent on behalf of People...
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