My investor got a great deal on this Homepath home in Sacramento! They purchased it as a rental property and were able to put as little as 10% down using the Homepath loan program.
This investment home is super clean! It's located in a good area for the price range, in great condition, nice hard wood floors, big yard with fruit trees, and a great floor plan.
The issue with this one was the illegal garage conversion. Previous owners had abandoned the 1 car garage and had converted it to an extra room. Things like this create headaches and financing becomes challenging. The appraiser most likely is going to call it and require that it gets converted back to a garage before the loan can fund.
Here is where the HomePath mortgage saves the day! This mortgage program does not require an appraisal. This means nobody is coming to create a mess with the transaction!!!
So why is this loan program offered? Well there is a catch!!! Come on... there's always a catch! You can only use this program to buy Fannie Mae approved homes. Basically they are breaking their own lending rules, by not requiring an appraisal, in order to get their inventory of foreclosed homes sold.
My client is going to get a great return on their investment, because they were able to purchase it for very little money down.
Looking to invest in the Sacramento real estate market? I can help you too use the Homepath mortgage to put as little as 10% down on an investment purchase!
Call me! I'm here to help!
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