In Arizona we have a golden opportunity to help the local economy (housing market in particular)...Why not specialize in the HUD Foreclosure market and or Fannie Mae's Home Path Product??? Both entities pay closing costs...Both down payments can be gifted. With a 640 credit score for HUD and a 660 score for Home Path the credit requirements are not that outrageous.
Why Doesn't Fannie Mae reach out more to the Real Estate Community? Many Realtors I meet with over 10 years of experience do not know of Home Path and what it can do. After 3% down payment for owner occupants they do offer 10% down for 2nd homes and 15% down for investors (if the investor does not own more then 4 properties. Mortgage Insurance and Appraisals are not required on Home Path loans with any down payment. This is both a time saver and a money saver. Considering Home Path homes can sell in the mid $300's, if you looked at a Mortgage Insurance Rate card you may have a MI payment of over $150 a month with 5% down. So buyers are saved money both in the down payment and the monthly payment. This is a great way for investors to get into the rental game to see if you like it. This is a great way for parents to help thier kids who might have been foreclosed on recently or renting.
Fannie Mae needs to do a better job in reaching out to the Real Estate community as a whole and telling them how many different ways the public can use thier products. At First California Mortgage we are an approved Home Path lender (per the Home Path website) with experience helping first time buyers achieve the American Dream of home ownership. We close in 25 days or less if a borrower gets us what we ask for in the first 48 hours. Follow me on Twitter (askKaufman)or on Facebook 602 740 6678