Special offer

New Fannie Mae 100% Financing, No PMI, 3.5% Closing Cost Help Program

By
Mortgage and Lending with HOMEPATH, USDA, VHDA, FHA, VA, CONV & JUMBO MORTGAGES

New Fannie Mae 100% Financing, No PMI, 3.5% Closing Cost Help Program

blue plate with 100 dollar bills and knife and fork

 

A program called Homepath is where Fannie Mae is frantically trying to dump their overwhelming inventory! In order for Fannie Mae to get this surplus of REO inventory off their books they have created Homepath.com, which lists each home currently in the inventory that are ready for sale. These homes are being sold for sometimes half of the estimated tax value (Huge Built in Equity).

With creative financing a home buyer can receive the following benefits:

Fannie Mae requires 3% down (which may be paid for by my $7,500 free grant) =  100% Financing

Buy a Fannie Mae Homepath Home=  "NO PMI"

Since property is already owned by Fannie Mae=  No Appraisal Required

Listing agent usually pays for closing costs up to 3.5%=  Borrower Pays NO Closing Costs Out of Pocket

Fannie Mae requires a 660 credit score for a 90-97% LTV (loan to value) but with less than a 90% LTV, they accept a 620 score. Also please note, I offer additional 100% financing programs with 620 credit scoes.

Buyers Agents are given extra bonuses to sell the property! (Agents what are you waiting for?) 

Fannie Mae allows HOA delinquencies and does not require Condo or PUD pprovals. (a unique and rare waiver which other programs do not offer)

 

I am cofident that if buyers knew about these bargain properties and this outstanding loan program, they would pack their bags and move tommorrow!

 

 

If listing agents want to qualify to sell these properties for Fannie Mae go to Listing Agents for Homepath.

 

Homepath homes are initially offered only to owner occupants for a certain period (typically 15 days), this period of time is tracked on the website and is called "FirstLook". If there are no contracts offered by owner occupants within this 15-day period, Cartoon house with sold sign out front buyers for 2nd Homes and Investors are allowed to submit contracts.

 

Many of the Big banks such as Bank of America & Suntrust are not eligible to offer these special loans on the Homepath properties. According to a Fannie Mae associate, "there are very few lenders approved by Fannie Mae to process these Homepath loans, it is a goldmine for all involved".

In fact, there are only a select few lenders allowed to administer these loans due to the importance of these transactions being completed properly for Fannie Mae.

My Bank has the authorization to process and close these loans; and we perform all the work in-house which results in reliable and quick settlements.

 

Please email me at sconlan@vhbmortgage.com or call my cell 301-943-1049, and I will educate you on the homepath program and various other 100% financing programs I offer!

   

 

Comments (13)

Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise - Nampa, ID

Wow....sounds like a great program...is that locally or only your area/company!! 

Jan 07, 2011 08:54 AM
Trustworthy Responsive-Personal-Banking
HOMEPATH, USDA, VHDA, FHA, VA, CONV & JUMBO MORTGAGES - McLean, VA
Younullre not just a client-your a FRIEND!

Hi Deborah,

This is absolutely an incredible program which we need in this difficult market! I've been using my $7,500 Free Grant in conjunction with FHA loans, but now I can use it with this Fannie Mae loan which gives the borrower a lower payment because there is no PMI required.  

Also, the fact that there is no appraisal required lowers the borrowers cost at closing, but it really doesn't matter because Fannie Mae is paying the closing costs anyhow (Win-Win situation).

As I previously stated in the blog, not many lenders are authorized to process these loans (especially delegated in-house). I am not aware of anyone else offering this Homepath financing program despite its national scope. 

Jan 08, 2011 05:03 AM
Trustworthy Responsive-Personal-Banking
HOMEPATH, USDA, VHDA, FHA, VA, CONV & JUMBO MORTGAGES - McLean, VA
Younullre not just a client-your a FRIEND!

Hi Lenn,

Do you have a question about the Fannie Mae 3.5% seller help?  Please elaborate on your question, and I'd be happy to address it. Happy New Year!

Jan 08, 2011 05:39 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

You wrote::

 

Listing agent usually pays for closing costs up to 3.5%=  Borrower Pays NO Closing Costs Out of Pocket

Jan 08, 2011 10:13 AM
Trustworthy Responsive-Personal-Banking
HOMEPATH, USDA, VHDA, FHA, VA, CONV & JUMBO MORTGAGES - McLean, VA
Younullre not just a client-your a FRIEND!

Yes, the listing agent representing Fannie Mae usually puts in the sales contract that the seller (Fannie Mae) will pay 3.5% of the sales price toward closing costs. The closing costs typically do not exceed 3.5%, therefore the buyer comes to the table with no money out-of-pocket!

Jan 08, 2011 10:29 AM
Karen L. Pietsch
Cary Property Pros - 4 Sale Realty, Inc. - Crystal Lake, IL
Cary Property Pros. Cary Property Pros Premier Real Estate

Hi Steve.  Wonderful news.  Do you work with Illinois transactions???? If you do, I need to talk to you like yesterday.  :)

Jan 11, 2011 12:00 PM
Trustworthy Responsive-Personal-Banking
HOMEPATH, USDA, VHDA, FHA, VA, CONV & JUMBO MORTGAGES - McLean, VA
Younullre not just a client-your a FRIEND!

Hi Karen-

This an incredible program wich we desperately need to move property in this market. For now I am concentrating only on transactions in the DC area since I know it intimately. Good Luck in 2011.

Jan 14, 2011 03:17 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Great program for buyers, and I'm reblogging to spread the word.  I believe it has to be owner occupied for this program, doesn't it?

Jan 16, 2011 10:36 PM
Trustworthy Responsive-Personal-Banking
HOMEPATH, USDA, VHDA, FHA, VA, CONV & JUMBO MORTGAGES - McLean, VA
Younullre not just a client-your a FRIEND!

HI Gabe,

Yes, Owner occupant borrowers qualify to put down only 3% as a down payment which would be paid for by my $7, 500 Grant Program. Borrowers for 2nd Homes and Investment properties are eligible but they have to put a higher down payment down put still do not require to pay PMI. Thank you for re-blogging, it is a strong program that not a lot of people know about.  

Jan 17, 2011 07:15 AM
Jim Paulson
Progressive Realty (Boise Idaho) www.Progressive-Realty.info - Boise, ID
Owner,Broker

 

I have a friend that is a lender on a Fannie Mae sale.  Even though no appraisal is "required" if an HomePath loan is done, his buyer was going FHA and here in Idaho, it is customary to have the appraisal paid for by the seller.  That was noted in the original purchase sale and sale agreement and we don't see anything in the Fannie Mae addendum that changes this request.  However, the title company and Fannie Mae are saying Fannie won't pay for it.  Has anyone ran across this?  If so, please contact me. 

 

May 25, 2011 08:47 AM
Anonymous
Bianca

Is this still being offered today: 100% financing, no PMI, and 3.5% closing costs covered?  Please advise.  Thanks for your help!

Jul 11, 2012 06:28 AM
#12
Anonymous
Elsie

Yes, Is this loan STILL AVAILABLE?? I would like to buy a house, but short on downpayment funds & closing costs. I can make the mortage payment up to 1200.00

Jul 22, 2012 04:20 AM
#13
Anonymous
Elsie

I live in Maryland, so is this loan program available to the people here??  Thanks!!

Jul 22, 2012 04:28 AM
#14