What are the eligibility requirements for a Fannie Mae mortgage?

To be eligible for a Fannie Mae mortgage, certain criteria must be met. Firstly, the borrower's credit score should be at least 620, although specific lenders may have different requirements. A stable and sufficient income is key, along with a reasonable debt-to-income ratio. The borrower should also have a valid social security number or Individual Taxpayer Identification Number and be a legal resident or citizen of the United States. Additionally, Fannie Mae mortgages require a minimum down payment of 3%, which can come from personal savings, a gift, or a grant. It's important to note that each borrower's situation may vary, and it is recommended to contact a Fannie Mae approved lender for personalized guidelines and assistance in determining eligibility.