With the release of DU Version 9.2 during the weekend of December 13, 2014 Fannie Mae re-introduced 97% LTV subject to the following.
97% LTV First Time Homebuyer
The maximum LTV for first time home buyers is being expanded to 97% for purchase transactions subject to the following:
- Property is a 1-unit primary residence
- At least one borrower is a first time home buyer who will occupy the subject property (defined as a borrower who has not had an ownership interest, sole or joint, in a residential property in the previous 3 years)
- Fixed rate only (15, 20, and 30 year terms)
- DU “Approve/Eligible