* Fannie Mae's Community Home Buyer's ProgramTMoffers underwriting flexibilities that include a 5 percent down payment and no cash reserves at closing. This mortgage can be combined with the FannieNeighbors mortgage option, which provides an exception to the maximum income limit for eligible properties in specially designated areas.
* Fannie 3/2® is similar to Fannie Mae's Community Home Buyer's Program, but requires fewer funds directly from the borrower. This 15- to 30-year, fixed-rate mortgage also requires a 5 percent down payment, but only 3 percent of it must come directly from the borrower's own funds. The remaining 2 percent can come from a relative; federal, state, or local government agency; nonprofit organization; employer; or nonprofit.
* Fannie 97® is ideal for the home buyer who has enough income to handle monthly mortgage payments, but is experiencing difficulty accumulating cash for the down payment. It only requires a 3 percent down payment from the borrower's own funds, and the borrower only needs to have one month's mortgage payment in cash savings, or reserves, after closing.
