If you are a real estate professional working with REO buyers, you should speak with your lender about Fannie Mae HomePath financing. This program allows for up to 97% LTV financing on Fannie Mae REO (real estate owned) properties. You can view properties at Fannie's HomePath website - www.homepath.com.

With HomePath financing, no appraisal is required by the lender. The sales price is the appraised value for the purposes of financing. Naturally, you should encourage you buyer to purchase an appraisal if there is any question about the property value. Just don't share the appraisal or property inspection with the lender.

No MI is required on these loans, even at 97% LTV, but there are price adjusters added to the loan so check pricing carefully with your lender.

HomePath financing is available for all types of occupancy, primary, second home, and investment, but the maximum LTV's for second home and investment property purchasers are lower.

Check with you lender or give me a call.

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Jeff Baxter - Prosperity Mortgage - Bethany & Rehoboth Beach, DE

My Website - Email:  jeff.baxter@prosperitymortgage.com

 

 

 

 
Post is included in group: Delaware Real Estate
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2 Comments on Fannie Mae HomePath Allows Home Purchases Without Appraisals

MAY
18
2010
878,777 Points 75 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Jeff I am glad you were able to get the Like button set up easily! Best of luck with your mortgage business.
7:04am • #1

Thanks Bill - instructions were great.  All the best to you as well.
8:03am • #3


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Jeff Baxter

Bethany Beach, DE

More about me…

Prosperity Mortgage

Address: 33298 S. Coastal Highway, Bethany Beach, DE, 19930

Office Phone: (302) 537-5076

Cell Phone: (302) 602-1067

Email Me

Thoughts on the mortgage market and the Delaware Beach (Bethany Beach, Rehoboth Beach, Fenwick Island, Dewey Beach, and Lewes).


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