3% Down - No Mortgage Insurance - No Appraisal
Wow! Fannie Mae took a step towards taking their collective heads out of the sand by unveiling an aggressive financing program aimed at their rather vast inventory of REOs. The program allows buyers who will occupy the home as their primary residence to put as little as 3% down and they will finance the home with no mortgage insurance and they will not require an appraisal.
Primary Residence Highlights!
- 1- to 4-unit properties.
- Fannie Mae/Freddie Mac-eligible condominiums.
- Planned unit developments (PUDs).
- Modular homes.
- Manufactured homes (double-wide only).
- All properties must be designated by Fannie Mae as eligible for HomePath financing.
- Down Payment: 3%
- No Appraisal required
- Programs offered include 30, 20 & 15 year fixed rates and some Adjustable Rate loan
This is a significant savings for the buyer as compared with the most popular low down payment option of FHA. FHA requires an upfront mortgage insurance premium that is financed into the loan as well as a monthly mortgage insurance premium.
Investor Highlights!
- 90% Financing
- NO Mortgage Insurance
- No Appraisal
- Total number of financed properties is 10. If you own more than 4 financed properties the total financing will be limited to 75%.
Click Here to search for available properties in your area. For more information on qualifying your buyers or to explore other financing options you can email us at info@rosevillecahomesforsaleblog.com or call me at 916-580-3478.
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