With the mortgage industry tightening up, this is one of the last "flexible" and special programs out there. Not only are these loans for primary residences, but it can be used for second homes and INVESTMENT properties as well! This is a great way for investors to pick up great bargains with less down than traditional financing.
Here are the main points to know:
- Can be purchase with as little as 3% down, and this can be a gift from a family member
- 660 credit score for 97% financing on primary
- 620 credit score for 80% financing on primary
- 660 for up to 90% financing on Second home
- 660 for up to 85% financing on Investment home
- Investors can purchase with as little as 15% down
- NO APPRAISALS NEEDED
- NO MONTHLY PMI
The HomePath product is not for all properties but it is very easy to find out if the house you are looking at will qualify. Check out www.HomePath.com and view properties that qualify in your area. They have everything from small condos to large jumbo homes! With the significant increases in PMI rates on FHA loans - this product can help increase borrowers' buying power by eliminating that part of the payment.
Like every loan, it is great for the right borrower and the right situation. Call or email me today to find out if this product is right for you or your client!