what is APR?

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How can Fannie Mae help a home buyer?

Fannie Mae's Community Home Buyers Program allows first-time buyers with little cash to obtain 95 percent financing. Participants may put down as little as 3 percent of their own money, with the remainder permitted in the form of a gift from family members, a government program or nonprofit agency. Mortgage insurance is required on all loans above 80 percent loan-to-value ratio when borrowers do not use their own funds for at least 5 percent down.
The program is administered through participating lenders.

Contact Information

Jack Thomas

Montana Legacy Real Estate

2013 Cromwell Dixon Lane Suite C

Helena, MT, 59601

Office: 406-431-0599

Cell: 406-431-0599

Fax: 800-496-5705

hydro@bresnan.net

www.jackthomasrealestate.com

Lic. #: 15573

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what is APR?

What is APR?

The Annual Percentage Rate (APR) is the relative cost of credit as determined in accordance with Regulation Z of the Board of Governors of the Federal Reserve System for implementing the federal Truth-in-Lending Act, according to Charles O. Stapleton III, Thomas Moran and Martha R. Williams, authors of "Real Estate Principles," 3rd Ed., Dearborn Financial Publishing, Chicago; 1994.

The APR is the actual yearly interest rate paid by the borrower, figuring in the points charged to initiate the loan and other costs. The APR discloses the real cost of borrowing by adding on the points and by factoring in the assumption that the points will be paid off incrementally over the term of the loan. The APR is usually about 0.5 percent higher than the note rate.

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