Fannie 97

A financing option for a fixed-rate mortgage that offers home buyers a 3 percent down payment loan with either a 25- or 30-year term. The mortgage features a loan-to-value (LTV) percentage of 97 percent and is designed to expand homeownership opportunities for people with modest incomes. Borrowers must take a pre-purchase homebuyer education session to qualify for a Fannie 97 mortgage.