The FANNIE MAE Home Path Program
I am surprised how so few people know about this program. The FANNIE MAE Home Path Program is the least expensive mortgage program for Ft Lauderdale first time homebuyers that is available, and since FANNIE MAE owns the home they do not require an appraisal!
This program was designed to help stabilize communities impacted by recent foreclosures by creating another option for homebuyers to achieve homeownership. The FANNIE MAE Home Path Program is now available to agents and buyers, and can provide up to 97% financing for qualified borrowers wanting to purchase an eligible Fannie Mae-owned property. Even investors and multiple home owners can use this program (investors only need to put down 10%, instead of 20%, plus there is no PMI...)!
In Summary, The FANNIE MAE Home Path Program:
- Low 3% down- up to 97% financing for primary residence and up to 90% for investment property
- No MI required; however specific MI adjusters apply
- Fixed rates, ARMs and Interest-Only payment feature available
- May be available to buyers with less-than-perfect credit
- Eligibility for high balance conventional loans
- Eligible properties include primary residences, second homes and investment properties
- Minimum credit score requirements are as follows:
- 660 required for Loan To Value > 80% (down payment less than 20%)
- 620 required for LTV <= 80% (down payment more than 20%)
-Down payment can be funded by a borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer (very similar to FHA guidelines, but without the additional FHA MI costs...).
You can go to http://www.homepath.com to search for directly for eligible Fannie Mae properties.
Joseph Schutz
EXIT Ryan Scott Realty
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