Orlando Mortgage Blog

May 18th, 2011 3:06 PM
 
…Get on the right path,
the Fannie Mae HomePath!!
 
 
Are you shopping for a home right now? Fannie Mae owned homes may be the solution to your homeownership dreams.  
       
Fannie Mae owns many homes in inventory in this area and between now and June 30th, Fannie is paying 3.5% in closing costs for Primary Residence HomePath Purchases.
 
First Look means borrowers purchasing a primary residence are the only individuals allowed to make an offer during the first 15 days Fannie lists a property on their HomePath Website. Beat the investors to it.
 
NO Appraisal means these homes can close fast.  Sure beats waiting months to see if a Short Sale Approval will come through only to lose out!
 
Highlights include:
  • 97% financing for Primary Residences
  • 90% financing for Second Homes and Investment Properties
  • Min 620 score for 80% or lower LTV
  • Min 660 score for 80.01% and above LTV
  • No appraisal is required by the lender. So do your homework
  • No property inspection is required
  • No mortgage insurance is required, huge savings 
  • Flexible mortgage terms – including fixed-rate, ARMs or the Interest-Only payment feature*
  • FNMA Desktop Originator/Underwriter® Approve/Eligible is required and must be received prior to being allowed to make an offer under the program**
  • Includes Condos to full financing as listed above if no age or income restrictions apply in the complex, far more liberal LTV's than standard Condo loan approval requirements 
  • No extra restrictions in South Florida. But we cover all Florida 
  • Only properties listed on the HomePath website as HomePath Mortgage eligible may be financed through the program (http://www.homepath.com)

 

* Where standard Product, LTV, and Occupancy allow

**See full product guide for Allowable/Ineligible Transactions

Posted by BILL WILBANKS on May 18th, 2011 3:06 PMPost a Comment (0)
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