Alt 97 Mortgage
Flexible down payment options for your borrowers
Effective August 1, 2012, we are retiring our Alt 97 Mortgage offering as announced in Single-Family Seller/Servicer Guide Bulletin 2012-8 on March 15, 2012.
Freddie Mac's Alt 97® Mortgage is a powerful offering that can help you reach more borrowers with good credit but limited savings for a down payment. With Alt 97, your first-time homebuyers and move-up borrowers can move in or refinance with less cash – as little as five percent required down payment for purchase transactions coming from a combination of flexible options.
Alt 97 is designed specifically for borrowers who have worked hard to establish and maintain a strong credit history.
There are no income or geographic limits for Alt 97 Mortgages, so you can reach a wide range of borrowers with a variety of financial circumstances and access to many nontraditional sources of funds.
When you offer Alt 97, you'll add a flexible, competitive mortgage to your product line and open up more opportunities for your borrowers.
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Download an Alt 97 Mortgage fact sheet for more details.
Freddie Mac's Alt 97 Mortgage helps you:
- Attract a variety of borrowers with strong credit histories, including low- and moderate-income borrowers, with limited funds for a down payment.
- Streamline your operations and diversify your offerings using Loan Prospector automated underwriting technology.
Benefits for Your Borrowers
For your borrowers, an Alt 97 Mortgage:
- Requires only five percent down, regardless of income amount or geographic location.
- Provides flexible financing options with down payment funds coming from a combination of nontraditional sources, and no minimum requirement from borrower funds.
For More Information
- Call your Freddie Mac representative.
- Print out an Alt 97 Mortgage fact sheet.
- For information on sources of affordable secondary financing, click here.
Visit The Learning Center for live and recorded web conferences, access to classroom-style workshops and self-study tools – all designed to help you stay competitive, serve more borrowers and make it easier to do business with us.
The information in this document is not a replacement or substitute for information found in the Single-Family Seller/Servicer Guide and/or the terms of your Master Agreement and/or Master Commitment.