As the country moves into year five of the re-regulated mortgage era, loan guidelines continue to become more flexible. If you’re buyingor refinancing a home, the following recent developments in expended loan options could affect you. In all cases, each lender’s guidelines will vary, so consult your loan officer to see if any of these fit your profile.

97-percent conforming loans for first-time buyers

In December, Fannie Mae and Freddie Mac rolled out 3-percent down programs targeted at first-time buyers. The loans require mortgage insurance and are capped at $417,000. But with a 3-percent down payment, that translates into a purchase price as high as $429,897.

Both Fannie and Freddie guides say the loans can be obtained with a credit score as low as 620, but each lender can layer its own guidelines on top of Fannie/Freddie guides, so you’ll need to ask your lender for its credit and other requirements.

90-percent jumbo loan with no mortgage insurance

For higher-earning home buyers who need to borrow more than the $417,000 conforming loan cap, an increasing number of jumbo lenders are adding the ability to lend 90 percent of a home’s value with loan amounts up to $1 million — and as high as $1.25 million for exceptional borrowers.

This translates into purchase price ranges of $1,111,111 to $1,388,888 with just 10 percent down and no mortgage insurance, which is a huge cost savings on larger loans. Borrowers typically must have a debt-to-income ratio of 35 percent or less, credit scores of 720 or greater, and at least 12 months cash reserves after the close. These programs are now available with most jumbo lenders.

Re-amortizing jumbo loans

Some large banks who keep their jumbo loans — instead of selling the loans after they close — have begun offering a re-amortization feature on jumbo loans over $417,000. Re-amortization means that your payment will decrease as you pay your loan down.

Depending on the lender, a loan balance pay-down from $5,000 to $20,000 will trigger a payment recalculation. This feature enables higher earners to lower their monthly budget as they chip away at their loan balance using extra income like bonuses or stock compensation. Previously, the only way to lower your payment as you paid your loan down was to use an interest-only loan, but those loans carry higher rates.

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Although nationally there has been a huge recovery in real estate prices this past year, New Haven is one of only six cities in the country that did not report higher real estate prices from May 2013 to May 2014.

This stagnation in home prices has caused concern from realtors and city officials who said this may be a troubling indication of the state of New Haven’s economy. In response to this news, city officials said that their plans to improve living standards in the city should help fix the problem.

“The city is working on a number of initiatives that would indirectly improve the market. Bringing jobs to the city, improving the public school system, keeping city streets safe would all have an indirect effect on home prices,” said Laurence Grotheer, Director of Communications at the Office of the Mayor of New Haven.

But in the meantime, realtors are struggling to come to terms with a difficult financial situation. Last year there was an initial rush of buyers, but the market has since slowed and prices have not risen, said Linda Schauwecker, the co-owner of Real Estate Two Inc.

John Cuozzo, Principal and Broker of Press|Cuozzo Realtors, has experienced similar problems providing his services in the Greater New Haven area. Cuozzo said the lower real estate prices are a product of Connecticut’s slow recovery from the 2008 financial crisis.

“Connecticut has not rebounded as other states have and the real estate market in New Haven is suffering as a result,” Cuozzo said.

Stagnating home prices throughout New Haven have not impacted University Properties, according to Bruce Alexander, vice president for New Haven and state affairs. He added that University Properties owns downtown property but doesn’t participate in home sales.

“Our objective in the University’s community investment program is to improve the state of the New Haven economy, not depend on it, ” Alexander said in an email.

University Properties, he added, has not experienced any difficulty in recruiting or retaining new tenants.

This data may not be cause for despair, Mark Abraham, the Executive Director of DataHaven said in an email. Housing price trends should be observed over many years, especially in a relatively small market, Abraham added.

Furthermore, family home prices may not be related to other real estate projects, such as commercial development or other types of housing, Abraham said.

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Housing prices stagnate in New Haven