Yes, you read that correctly. There is a program that allows for investors to buy a property with a 10% down payment. This is available wiht the Homepath properties listed on the Fannie Mae (FNMA) website, www.homepath.com.
While buyers purchasing for their primary residence only need a 3 % down payment, investors can enjoy a 10% down payment requirement. Most investors have found down payments requirements of at least 25% with other programs.
There is another benefit of this program, NO MORTGAGE INSURANCE! This additional expense can reduce the amount of buying power for any buyer. The interest rates are adjusted for non-owner occupied and credit score, but even then it may be a smarter move to go for the lower down payment.
Investors with multiple financed homes will be happy to hear that we can close up to 20 mortgages under the Homepath program.
For more information, please call.