If you are an Agent and aren't familiar with HomePath homes, then please keep reading! Or if you are a potential buyer and are looking for a great foreclosure deal, this is the place to look! Basically HomePath homes are homes that are foreclosures that Fannie or Freddie own. Since they want them off their books fast and they create what we can and can't do, they are offering unique financing for these types of loans for all kinds of borrowers.
With the mortgage industry tightening up, this is one of the last unique and special programs out there. Not only are these loans for primary residences, but for second and INVESTMENT property!!! Here are the main points to know:
- Can be purchase with as little as 3% down, and this can be a gift from a family member
- 660 credit score for 97% financing on primary
- 620 credit score for 80% financing on primary
- 660 for up to 90% financing on Second home
- 660 for up to 85% financing on Investment home
- Investors can purchase with as little as 15% down
- NO APPRAISALS NEEDED!!!
- NO MORTGAGE INSURANCE for primary, second homes or investments
- Special Rates as well
- If the property requires some repairs, they even offer a rehab loan for them to help get them up to your standards.
Check out www.HomePath.com and view properties that qualify in your area. They have everything from small condos to large jumbo homes! If you have a client that is just outside of the FHA debt to income ratios, consider homepath. Without that mortgage insurance, you could get approved for more since the mortgage insurance can put your debt ratios over the edge on a typical FHA.
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