I came across an amazing mortgage loan program the other day that I think deserves a blog post. It's the Fannie Mae Home Path program, which is mortgage financing for properties that are owned by Fannie Mae. These are homes that Fannie Mae has repossessed due to people not making their mortgage payments and they offer this special mortgage program as an incentive to home buyers.
Some of the features of this program are...
- minimum down payment option of 3%
- No monthly mortgage insurance, even with just 3% down
- No appraisal or inspections required
- 10% down payment option for investors (no monthly mortgage insurance!!)
- Gift funds for owner-occupied properties allowed
- 30 year fixed, 15 year fixed, 3/1, 5/1, 7/1 ARMS available
Some of the requirements of this program are...
- 660 fico credit score if over 80% LTV
- 620 minimum fico score minimum
- 45% maximum DTI (50% max with strong compensating factors)
- property must be on this website to qualify
In Cache County, Utah there are currently 12 homes that are available to purchase through this program. They can be found here. Some of these home are very nice homes and through the homepath financing program, they are more affordable than ever. Give me a call at 435-755-2177 or 435-770-2709 if you are interested in this program or would like to get pre-approved.