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!"
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