Great news to home buyers...Fannie Mae is now offering a special loan program that allows buyers to purchase Real Estate Owned (REO) properties straight from Fannie Mae. It's called Home Path and is already in place.
Why is it a good idea? Because in the midst of a credit crunch and lack of loan options that allow high financing, Fannie is offering a product that not only requires very low down payment but also has flexible guidelines, thus opening doors for new home buyers.
This home loan allows home buyers to finance up to 97% of the property value, if occupying the property, and up to 90% for investment properties. It's huge!
To top it off, credit guidelines are easier AND there is NO mortgage insurance and NO appraisal requirements. Pretty good, wouldn't you agree?
Now, let's remmeber that other underwriting guidelines still apply such as proof of employment stability! This isn't one of those "as long as you can breath we'll lend" kind of loan...
There are just a few lenders who will offer this program and I'm happy to say we're one of them!
For more information on Home Path and eligible properties in your area go to HomePath.com or contact me.
On Your Team,
Maria
www.MortgageMinutesAndMore.com
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