With this new program Sellers can contribute money towards the buyers mortgage payments. This is a fully backed Fannie Mae loan program. This program allows flexibility to the new home owner and makes the transition into their new home more affordable.
The loan works by using the seller contributions towards the interest portion of your new mortgage payment. The sellers’ contribution is placed in a separate non-interest bearing account that will be used to subsidize your monthly payment for up to 6 months. This type of loan also has the ability to be used in conjuction with seller concessions, not to exceed 6%.
Consult with your lending professional to find out more about a how to use this program on your next home purchase. Currently in Maryland, Pennsylvania, Delaware, Florida and all other states.
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