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Fannie Mae Downpayment Options

Flexible 100TM and Flexible 97®

Fannie Mae’s Flexible products let lenders offer borrowers more options for low down payment mortgages and more flexibility for borrowers’ sources of funds for down payment and closing costs.

Key Product Features

  • No downpayment (Flexible 100) or 3% down (Flexible 97)
  • Borrowers must make a minimum contribution of at least $500 of their own funds (Flexible 100 only), or 3% from flexible sources of funds (Flexible 100 or 97), toward downpayment and/or closing costs. In addition to borrower’s own funds, allowable flexible sources include gifts, grants or unsecured loans from relatives or nonprofits, employer assisted housing or secured borrowed funds
  • Loan amounts up to the conforming limit with no income cap and no homebuyer counseling required
  • Flexible loans are underwritten by Desktop Underwriter®, providing fast recommendations and streamlined documentation

Target Market

Borrowers who,

  • Have minimal funds for a downpayment or closing costs; or
  • Prefer to us their funds for other investments or expenditures and
  • Have access to flexible sources of funds

Eligibility Guidelines

  • Purchase and limited cash-out refinance of one-unit primary residences
  • Loans must be processed through Desktop Underwriter® and receive an Approve, Refer or eligible Refer With Caution Recommendations
  • Available with 15-, 20-, 25-, and 30-year fixed-rate, and 5/1, 7/1 and 10/1 ARMS
  • Subordinate financing permitted up to 100% CLTV (105% with Community Seconds)
  • Interested-party contributions up to 3% are allowed for closing costs after the borrower’s minimum contribution requirement is met. Premium pricing may be used to fund closing costs exceeding the borrower’s minimum contribution.

For more information, visit