If you are a first time home buyer or even if you are looking for a second home or even an investment property, you may not want to overlook this terrific financing option.
Not only can Home Path financing work for Primary homes with no PMI, but also second homes and investments.
The neat thing about Home Path is that the seller, Fannie Mae will do seller concessions up to 6% of the sale price for primary homes. There are also benefits for second home buyers and even investors.
Structured correctly, the client can pay as little as 3% in total for a primary home.
Here is an example
Say a home is listed at $100,000
The buyer has to put 3% down or $3,000.
Since there is no appraisal, you can offer $106,000 and ask for 6% in seller concessions.
Since the seller is paying for the closing costs, you end up with only $3,000 out of pocket.
This is the best part. If done before November 30, you may qualify for the $8,000 first time home buyer tax credit.
It is possible that you could actually get money back for buying a home.
In this case $5,000!
What are you waiting for? You must close before November 30th to qualify for the $8,000 Tax Credit!!!
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