This program has been around for some time now and I don’t think enough people know about it or are taking advantage of
the opportunity. I personally don't think Fannie Mae is doing a very good job of getting the word out about this great program. With that said I thought I'd lend them a hand.
This is a huge opportunity for buyers both first time home buyers, 2nd home buyers, investors and just about ANYONE looking for a home. This is something you don’t want to miss out on and too many people don’t even know of its existence.
This is a huge opportunity for buyers both first time home buyers, 2nd home buyers, investors and just about ANYONE looking for a home. This is something you don’t want to miss out on and too many people don’t even know of its existence.
Fannie Mae has established
this loan program to aid in the sell of their REO inventory currently being
held in the US. This loan program makes it very easy to qualify for the program
as they have removed Mortgage
Insurance (MI) and the need for Appraisal. They set higher Loan-To-Value
(LTV) limited making down payment minimal. Let me go over some of the
guidelines so you can see for yourself and maybe you to will see if you can
meet these guidelines.
Credit Score Min of 580 will
go to 80% LTV so you’ll need 20% down payment on Primary resident.
Credit Score 660 and over
will go to 95%-97% LTV with 3%-5% down payment, Primary resident.
Investors can also purchase
with 90% LTV and 10% down.
The program allows for 6% of
the purchase price to be given as seller credits to the buyer for closing cost
and pre-pays.
The loan also allows for Renovation
because some of these homes need minor renovation, Fannie Mae will allow 6 months after the loan
closes for the renovations to get completed. You do need a licensed contractor
as NO “do it yourself projects are allowed”. There are some other guidelines
that have to be met for the renovations you can find them and more
information about this
program at; www.homepath.com
HomePath Buyer’s Guide is a great source for information.
Plus on the site you can search for approved properties.
This program was set in place
not only to make these homes affordable but to help simulate the housing market
by offering a program to all potential buyers with little down and No MI. By
opening this up to investors I think this is a huge step in the right direction.
Taking some of the obstacles or deal killers like appraisal off the table in
this market was a smart move by Fannie Mae.
Not all lenders are approved
to fund Homepath loans. I am
fortunate to be working with several that are approved. If you are interested
or have questions please contact me for more information.
I love your comments, questions and ideas, please leave them on my blog. Follow my blog for great tips, inspiration and real estate and finance information. Thanks in advance for your support.
Roxy Redenbaugh
ACMC, Loan Consultant
Branch Manager
808-637-0011
NMLS#269926
No comments:
Post a Comment