Homepath Mortgage Financing at its finest!
Program Highlights include:
•1) Up to 97% LTV for primary residences.
•2) Up to 90% LTV for second homes and investment properties.
•3) 660 minimum fico.
•4) No appraisal needed....the contract sales price is used.
•5) No mortgage insurance required, regardless of the LTV.
•6) 15, 20 and 30 year fixed products as well as 3, 5, 7, and 10 yr Arms. The interest only feature will not be available at this time.
•7) Secondary financing is allowed.
•8) Properties must be designated as eligible for HomePath financing by Fannie Mae on the www.homepath.com website.
•9) Non-occupant co-borrowers are allowed up to 95% LTV/CLTV.
•10) 5% minimum down payment required up to 95% LTV/CLTV.
•11) DU will determine the maximum allowable DTI. Generally 45% will be standard, with up to 50% allowed with compensating factors.
•12) 6% seller concessions for primary residences and second homes. 2% seller concessions for investment properties.
•13) SFR, Condos, and PUDs allowed. Condo projects do not need to be reviewed for project eligibility.
This program will require a DU Approve/Eligible(LP not allowed). An Approve/Ineligible will only be allowed when:
•1) LTV greater than 85% for 1 unit investment properties
•2) LTV greater than 75% for 2 unit investment properties