97% LTV standard — no special program needed. HomeReady for income-limited borrowers with reduced MI. DACA eligible. High balance available. BFF follows DU findings directly with a clean, straightforward overlay matrix.
Program at a Glance
BFF's Fannie Mae offering covers standard conforming, high-balance (super conforming), and HomeReady — Fannie's affordable lending program. All require DU Approve/Eligible. Manual underwriting is not permitted. The 97% standard LTV (no special program required for non-income-limited borrowers) and DACA eligibility are two features that make Fannie Mae a strong default choice for standard purchases at BFF.
Fannie Mae at BFF works in two modes: the standard conventional program for most borrowers, and HomeReady for income-limited borrowers who qualify for reduced mortgage insurance and DPA layering.
⭐ Affordable Housing HomeReady® 97% Income ≤80% AMI · 3% down · 105% CLTV with DPA All borrowers on loan must be at or below 80% of area median income (AMI) FTHB not required - any eligible borrower qualifies 105% CLTV allowed with Community Seconds or approved DPA second Reduced mortgage insurance rates for qualifying borrowers 1-4 unit properties and manufactured homes eligible Homebuyer education required for at least one borrower if all are first-time buyers Standard Conventional Standard Program 97% No income limits · No FTHB req · All occupancy types No income limits - available to any eligible borrower 97% LTV on 1-unit primary residence without special program enrollment 1-4 unit primary, second home, and investment property Standard and high-balance (super conforming) loan amounts DACA borrowers eligible (Category C33 EAD required) Non-permanent resident aliens eligible (valid visa or EAD required) Key Fannie Mae advantage: The standard program offers 97% LTV without requiring HomeReady enrollment or income documentation. Borrowers above the 80% AMI threshold who want 3% down don't need a special program - standard DU Approve/Eligible at 97% LTV handles it directly.
Standard Fannie Mae LTV limits by property type and occupancy. HomeReady and Community Seconds structures may allow higher CLTV.
| Property Type | Purchase | R&T Refi | Cash-Out |
|---|---|---|---|
| 1-Unit SFR / PUD / Condo (Primary) | 97% | 97% | 80% |
| 2-Unit Primary | 85% | 85% | 75% |
| 3-4 Unit Primary | 75% | 75% | 75% |
| Second Home (1-unit) | 90% | 90% | 75% |
| Investment (1-unit) | 85% | 85% | 75% |
| Investment (2-4 unit) | 75% | 75% | 70% |
| HomeReady® (1-unit Primary, ≤80% AMI) | 97% | 97% | 80% |
| HomeReady® + Community Seconds / DPA 2nd | 97% 1st / 105% CLTV | 97% 1st / 105% CLTV | N/A |
| High Balance (1-unit Primary) | 95% | 95% | 80% |
Fannie Mae allows DACA borrowers with a valid Category C33 Employment Authorization Document to qualify for conventional loans. BFF follows current Fannie Mae guidelines on DACA borrower eligibility.
DACA borrowers are eligible for Fannie Mae at BFF provided the borrower has a current, valid Category C33 EAD, meets all standard Fannie Mae income, credit, and property eligibility requirements, and DU returns an Approve/Eligible finding. The EAD must be valid and not expired at the time of closing. BFF follows current FNMA selling guide guidance on DACA - always verify current policy before submitting, as it is subject to change.
Key parameters from the BFF Fannie Mae Matrix. Download the PDF for complete guidelines before pricing any Fannie Mae scenario.
| Parameter | Requirement |
|---|---|
| Min FICO | 620 (1 FICO score eligible per DU findings) |
| Min Loan Amount | $75,000 |
| Max Loan - Conforming | $806,500 (1-unit standard county - verify current FHFA limits) |
| Max Loan - High Balance | Up to county high-balance limit (varies by county) |
| AUS Required | DU Approve/Eligible - LPA not accepted - manual underwriting not permitted |
| Max LTV (Standard, 1-unit Primary) | 97% purchase · 97% R&T · 80% cash-out |
| Max LTV (HomeReady) | 97% · Income ≤80% AMI · 105% CLTV with Community Seconds / DPA second |
| High Balance LTV | 95% purchase · 95% R&T · 80% cash-out (1-unit primary) |
| DACA Borrowers | Eligible with valid Category C33 EAD per current Fannie Mae selling guide guidance |
| Non-Permanent Resident Aliens | Eligible with valid visa or EAD · Must have U.S. credit history |
| Temporary Buydowns | 2-1 and 1-0 allowed (purchase only · primary and second home) |
| 720+ FICO | Required when borrower has 7 or more financed properties |
| Condo Review | Full review · PERS (Fannie Mae project eligibility review service) not allowed (BFF overlay) |
| Min Condo SF | 400 sq ft minimum (BFF overlay) |
| MCC | Not permitted (BFF overlay) |
| Leasehold Estates | Not permitted (BFF overlay) |
| Manual UW | Not allowed - DU Approve/Eligible required for all Fannie Mae files at BFF |
| Note | Conforming and high-balance limits are set annually by FHFA and vary by county and unit count. Always verify current limits before pricing. Overlay matrix Rev. 03/13/26 - download and confirm before submitting. |
Run both DU and LPA for borderline files. The systems can return different findings for the same borrower profile. BFF accepts whichever agency is being used to deliver the loan.
| Fannie Mae (DU) | Freddie Mac (LPA) | |
|---|---|---|
| AUS System | DU (Desktop Underwriter) | LPA (Loan Product Advisor) |
| Standard Max LTV | 97% | 95% |
| Affordable Program | HomeReady (≤80% AMI, any borrower) | HomePossible (≤80% AMI) & HomeOne (FTHB, no income limit) |
| 97% LTV w/o Special Program | Yes - standard program | No - requires HomeOne or HomePossible |
| DACA Borrowers | Eligible (Category C33 EAD) | Check current FHLMC guidance |
| Community Seconds / DPA | 105% CLTV with HomeReady | 105% CLTV with HomePossible |
| Min FICO | 620 | 620 |
| 1 FICO Score | Eligible per DU | Eligible per LPA |
| Min Loan Amount | $75,000 | $75,000 |
| High Balance | Available | Available |
| Manual Underwriting | Not allowed at BFF | Not allowed at BFF |
| Temp Buydowns | 2-1 & 1-0 (purchase only) | 2-1 & 1-0 (purchase only) |
The standard program delivers 97% LTV to any eligible borrower — no AMI check, no special program enrollment. The simplest path to 3% down conventional.
HomeReady unlocks reduced MI rates and up to 105% CLTV with a DPA second for borrowers at or below 80% AMI. Available to any borrower, not just first-timers.
Fannie Mae expressly allows DACA borrowers with a valid C33 EAD. This is a clear Fannie-over-Freddie scenario — always confirm current guidance before submitting.
DU sometimes approves files that LPA declines — particularly certain W-2 income structures, recent employment changes, and specific asset types. Run both for borderline files.
Purchases in high-cost counties above the standard conforming limit. Fannie Mae high balance up to county limits, 95% LTV, as an alternative to Jumbo for loan amounts in range.
DU accepts single-score files for borrowers with only one scoreable credit tradeline. The single score is the representative FICO for the transaction.
BFF requires DU (Desktop Underwriter) Approve/Eligible for all Fannie Mae loans. LPA (Freddie Mac's Loan Product Advisor) is not accepted on Fannie Mae deliveries. Manual underwriting is not permitted — if DU returns a Refer, the file cannot be manually underwritten under Fannie at BFF. Run it through LPA to see if it qualifies as a Freddie Mac loan instead.
HomeReady is Fannie Mae's affordable lending program offering 97% LTV with reduced MI rates for borrowers at or below 80% of area median income (AMI). Unlike some programs, HomeReady does not require a first-time homebuyer — any eligible borrower at or below the income limit qualifies. It also allows a 105% CLTV when a Community Seconds or approved DPA second is layered on.
Yes. Fannie Mae expressly allows DACA borrowers with a valid Category C33 Employment Authorization Document to qualify for conventional loans. The EAD must be current and not expired at closing. The borrower must meet all standard Fannie Mae eligibility requirements, and DU must return an Approve/Eligible finding.
Yes. Fannie Mae's standard program allows 97% LTV on 1-unit primary residence purchases without any special program enrollment, income limits, or AMI documentation. Any eligible borrower with DU Approve/Eligible and a 620+ FICO can access 97% LTV. This is one of the most significant differences from Freddie Mac, where 97% LTV requires HomeOne (FTHB only) or HomePossible (income-limited).
Three clear Fannie-first scenarios: (1) DACA borrowers — Fannie has explicit eligibility, Freddie's guidance is less clear. (2) 97% LTV without income limits — Fannie's standard program; Freddie requires HomeOne or HomePossible for 97%. (3) When DU returns a better finding than LPA. Beyond these, run both systems for borderline files and use whichever returns Approve/Eligible (DU) or Accept/Eligible (LPA). BFF accepts either.
BFF Fannie Mae Matrix — Rev. Mar 2026
Standard Fannie Mae reaches 97% LTV without HomeReady. No AMI documentation, no special enrollment. If the borrower's income is above 80% AMI and they need 3% down, standard DU handles it directly.
Check current turn times before locking. Agency conventional typically moves faster than Non-QM or government.
Price it in the Quick Pricer, download the matrix, or call your AE. We Deliver.
