97% LTV Conventional Refi

[Brandt Tingen]

Hi, I heard from multiple sources recently that Fannie/Freddie are insuring 3% down conventional no or low PMI loans. Does anyone know if you can refi with this program as well, and if so what the limitations & rules/regs are? Thanks.

[Account Closed]

Brandt,

The 97% LTV program is designated solely for 1st time home buyers. There is PMI on this program and I believe it to be higher than normal but you can "buy it out" upfront therefore eliminating the PMI altogether.

Regards,

Tod