There are a lot of first time home buyers and investors looking for low down payment options for their homes. There is a huge market for Bank Owned properties as well. Solution, get an FHA loan? Not always.
For a first time home buyer that could be an option, but an investor, an FHA loan won’t cut it.
Here’s a basic outline of Fannie Mae’s HomePath program, as a potential solution…
HomePath loans are available on all Fannie Mae owned properties. The best way to search these homes is their website homepath.com, type in your desired zip code and you’re in business.
For a new buyer looking for a primary residence:
660 minimum credit score, 3% down payment, NO MORTGAGE INSURANCE!
For a buyer looking for a 2nd home or vacation property:
660 minimum credit score, 10% down payment, NO MORTGAGE INSURANCE!!
For an investor looking for a rental property:
660 minimum credit score, 15% down payment, NO MORTGAGE INSURANCE!!!
Pros: low credit requirements, low initial investment, no mortgage insurance payment, no financed upfront premium. ***TIP: Every Fannie Mae contract I have had this year, the seller has agreed to pay 3% or more towards the buyers closing costs, so talk to your Realtor about that when you put in your offer!***
Cons: Slightly higher interest rates, possibly less cash flow on investments because there is more financed, property is always sold as is (the banks don’t like to do repairs).
HomePath loans Scottsdale
HomePath loans Phoenix
HomePath loans Sedona
HomePath loans Gilbert
HomePath loans Mesa
HomePath loans Queen Creek
If you have any more questions, or want to know if you qualify for this program, please contact me.
Peoples Home Equity serving Maricopa County (Chandler, Mesa, Phoenix, Sedona,Tempe, Gilbert, Glendale, Scottsdale, Queen Creek and the greater Phoenix Metro Area)
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