An Affordable Option to Condo Purchases That Doesn't Have to be FHA Approved
In Part 1, I explained the benefits of the HomePath program for those wanting to purchase a HomePath condo for their primary residence.
In Part 2, I want to explain the benefits of the HomePath program for those looking to purchase a condo for a second and/or vacation home or those looking to purchase their first investment property.
As I explained in Part 1, purchasing a condo these days has become incredibly challenging. For the second/vacation home buyer or the first time real estate investor, financing a loan for a condo purchase can be very cost prohibitive.
Because so many condo complexes have been hit with high rates of foreclosures, many lenders now require some kind of HOA and/or property review. While some lenders may only require a limited review for some complexes, other lenders may require a full review of the HOA and/or complex.
Now there's another option for condo purchases. Fannie Mae offers their HomePath program that is specifically designed to help reduce their inventory of foreclosures. Fannie Mae's HomePath program offers the following benefits to home buyers:
- Low down payment and variable mortgage terms
- Flexible credit guidelines
- No monthly mortgage insurance
- No appraisal fee
- Home warranty is included with the purchase at no charge
Unlike other conventional loan requirements, second and/or vacation home buyers or real estate investors are required to put at least 20% down. They will also be subjected to appraisal requirements just like any other loan program.
With the HomePath program, second and/or vacation home buyers or real estate investors looking to purchase a 2-unit property are only required to put 10% down, therefore saving more of their cash reserves. Furthermore, HomePath offers some very competitive rates for the second and/or vacation home and investment home purchases.
Right now, there are more than a hundred HomePath condos and multi-unit listings in Los Angeles county. From the sandy shores of the South Bay to the rolling hillsides of the Santa Clarita valley, there are opportunities for a second and/or vacation homes or investment opportunities just waiting to be purchased.
There are so many properties that are just blocks away from the beach for those looking to spend weekends and vacations in the sun and sand. There are also dozens of multi-unit properties for the real estate investor, with many that already have tenants in it. Whatever you're looking for, HomePath probably has a condo that's just right for you.
No more worrying about whether or not the property or the HOA will qualify for a loan and no more stressing out about whether or not it's going to appraise. These two benefits alone are worth at least looking into what this program has to offer and the eligible properties in the program.
Today's real estate market and lending environment can be really scary, which is why it's important to get as much information as possible before starting your search. Finding out more about affordable home loan options and getting pre-approved is an absolute must.
For more info on how you can qualify for this loan program, contact me, Donne Knudsen of Cobalt Financial Corp, at 805.5278554 or donne4loans@earthlink.net.
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