What are the eligibility requirements for a Fannie Mae mortgage?

Fannie Mae mortgages offer several options that cater to various borrowers, each with specific eligibility requirements. Generally, borrowers must first meet credit score standards. Typically, a minimum credit score of 620 is expected, although some specific programs may allow lower scores under certain conditions. Income verification is also an essential aspect of eligibility. Borrowers must demonstrate sufficient income to support their loan obligations. This may include standard income sources such as salaries, wages, and bonuses, as well as potential additional sources like alimony or child support. Additionally, Fannie Mae emphasizes the importance of debt-to-income ratio. Generally, this should not exceed 36 to 50 percent, depending on the borrower's circumstances and the loan type. Furthermore, the property itself must meet certain criteria, including being a primary residence, second home, or investment property within the guidelines established by Fannie Mae. Prospective borrowers should also have a minimum down payment, commonly around three to five percent for conventional loans. For detailed and updated information regarding the eligibility requirements and specific loan programs, it is advisable to visit the Fannie Mae website.