homepath: HomePath Renovation Vs. FHA 203k Loan: One More Reason To Use HomePath
- 03/06/11 01:38 AM
HomePath Renovation Vs. FHA 203k Loan: One More Reason To Use HomePath Financing Starting April 18, 2011 the factorial used to determine annual mortgage insurance premiums for a FHA 203k loan will increase .25%. Based on today's annual mortgage insurance premium rate of .9%, with a 3.5% down payment on a 30 year mortgage, the .25% increase will result in a new rate of 1.15%. Assuming a $200,000 loan amount the increase in mortgage insurance rates will cost the borrower an additional $41.66 per month. To determine the impact on a FHA borrowers monthly payment start by taking the monthly mortgage insurance premium factorial at .000958 (1.15%/12) and multiplying against the … (4 comments)
homepath: HomePath and HomePath Renovation Loan - Non-Occupant Co-Signers
- 02/15/11 09:33 PM
HomePath and HomePath Renovation Loan - Non-Occupant Co-Signers The HomePath and HomePath Renovation Loan programs are a great source of financing on Fannie Mae owned homes. Both loan programs offer flexible financing alternatives for borrowers purchasing a Fannie Mae owned home. However, there is no flexibility in the guidelines when dealing with the topic of non-occupant co-signers or co-borrowers. A non-occupant co-signer is usually a family member who doesn't occupy the house but agrees to be on the loan in order to ensure the lender that if the principal occupant of the property doesn't make the mortgage payment then as the co-signer they will. This is a very popular tool used on FHA … (3 comments)
homepath: HomePath Renovation Loan: Credit Score Requirements
- 02/05/11 12:07 AM
HomePath Renovation Loans: Credit Score Requirements Fannie Mae HomePath Renovation Loans offer home buyers of Fannie Mae owned properties the ability to purchase a home and make renovations to the property after settlement. Fannie Mae loan programs, including the HomePath and HomePath Renovation Loans, have higher credit score requirements than a comparable FHA Loan. The HomePath Renovation loan program allows for a renovation budget to be created, while the HomePath Loan allows for the property to be purchased outright without any improvements to the property. In order to qualify for the lowest down payment requirement, which is 3% down, using HomePath Renovation financing … (3 comments)
homepath: Fannie Mae Increases Allowable Renovation Budget on the HomePath Renovation Loan
- 01/25/11 07:03 AM
Fannie Mae Increases Allowable Renovation Budget on the HomePath Renovation Loan Fannie Mae has improved the HomePath Renovation loan program by increasing the renovation budget to the lesser of 35% of the "as completed" appraised value or $35,000. Previously Fannie Mae limited the HomePath Renovation loan program to the lesser of 20% of the "as completed" appraised value or $30,000. The HomePath Renovation budget includes not only the contractor invoice cost of the repairs, but also the contingency reserve and other soft costs such as permits. The contingency reserve is only required when putting down 5% or less. This increase is … (0 comments)
homepath: Fannie Mae Scratch and Dent Overstock Sale - HomePath Renovation Mortgage Financing For Well Qualified Buyers!
- 01/21/11 08:39 AM
Fannie Mae Scratch and Dent Overstock Sale - HomePath Renovation Mortgage Financing For Well Qualified Buyers! Fannie Mae's portfolio of homes is bulging with inventory, ready to sell at drastically reduced prices. No reasonable offer refused. For well qualified home buyers there is even special financing for Fannie Mae REO's, that need anything from a little TLC to an overhaul. No problem if the house needs work since Fannie Mae has the solution through HomePath Renovation mortgage financing. The HomePath Renovation Loan Program offers home buyers, move-up buyers, and investors (yes now even investors): One loan to purchase the house and establish a repair renovation budget … (0 comments)
HomePath Renovation Vs. FHA 203k Loan: One More Reason To Use HomePath Financing
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