Home value. Really home owners will pay ranging from $300 to $five hundred to own property assessment, many could be entitled to property assessment waiver (PIW) whenever they build an effective 20% down-payment otherwise have tall collateral. The new PIW choice is novel to help you Federal national mortgage association financing: Government-supported purchase fund (FHA, Virtual assistant and you may USDA) need household appraisals regardless of how much you devote down.

Identity. Fannie mae assistance require lender to review the newest property’s term history and make certain it’s free of one early in the day control claims away from prior citizens or people judgments otherwise liens, such outstanding property fees. Name insurance policy is needed to safety the borrowed funds number for the pick or refinance of any Federal national mortgage association financing.

Assets systems. Old-fashioned mortgage requirements will let you money a home which have right up to four units inside the a consistent subdivision, a good co-op, condo building otherwise a fully planned unit invention (PUD). Fannie mae even offers a produced home loan program to own are designed homes connected with a long-term base.

Occupancy sizes. You can use a fannie mae mortgage to finance a primary otherwise additional residence, otherwise a residential property. Concurrently, government-recognized funds is limited by top residential property only, usually. One to caveat: Brand new down-payment standards try high to have 2nd property (10% minimum) and capital properties (20% minimum).

Home loan insurance rates. A huge advantage of antique mortgage loans is because they don’t require mortgage insurance which have a 20% down payment, while funds supported by the latest Federal Homes Government (FHA) need it no matter deposit.