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November 30, 2009

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Details on Fannie Mae programs

Friday, April 5, 1996 | 11:59 a.m.

Existing Nevada programs:

* FANNIE 97: To help home buyers who can handle monthly mortgage payments, but have not saved enough money for the down payment and closing costs, the Fannie 97(SM) mortgage allows Nevada home buyers earning up to $47,500 to make a down payment of as little as 3 percent.

* COMMUNITY HOME BUYERS PROGRAM: The 5 percent down payment product is now available to all qualified Nevada home buyers through local lenders. Residents making up to $47,500 may be eligible.

* MORTGAGE REVENUE BOND: Fannie Mae recently purchased $3 million of a $25 million single-family mortgage revenue bond issue by the Nevada Housing Division.

* OTHER PROGRAMS: Other Fannie Mae programs available in Nevada include affordable rent housing, home-buyer counseling support, the Rural Outreach-Rural Economic Community Development Services Pilot Program, housing for Native Americans, and in Las Vegas, down payment and closing cost assistance and reverse mortgages.

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