Special offer

Special Loan Program for Fannie Mae owned homes

By
Mortgage and Lending with 1st Preference Mortgage 214107

The Fannie Mae Homepath is a program used to help borrowers purchase homes that are currently owned by Fannie Mae as a result of foreclosure or other similar actions.

 Highlights:

•·         Property must be owned by Fannie Mae

•·         Purchase only

•·         95% max ltv

•·         660 minimum credit score

•·         No appraisal required(the sales price will be used as the properties value)

•·         No mortgage insurance required

•·         Available on primary, second homes and investment properties(with LTV restrictions)

•·         Available as a 30yr fixed, 15yr fixed, 5/1 and 7/1 libor arm.

•·         Must be underwritten through DU

These adjustments are in addition to all other standard conventional price adjustments.

Investors maximum LTV is limited to 80% and may have other pricing adjustments as well.

This program may help buyers become more active and take advantage of some good deals.  As always, "Get a Home Inspection for your Protection!"

 

Dan Rosenberger
Harvest Realty - Westfield, IN

While no appraisal is required, it is important for buyers to get a good handle on values for that area.  If using comps, be sure to look closely at actives as well as recent solds.

Aug 18, 2010 01:34 AM
Lora Graetzer
1st Preference Mortgage - Nottingham, MD
Licensed Loan Originator

You're absolutely correct Dan!  We always remind buyers to discuss the comps with their Realtor to verify the valuation provided.

Aug 18, 2010 02:02 AM