Thursday, July 8, 2010

HomePath Mortgage is now available!


Effective Date:  July 7, 2010

HomePath® Mortgage is the program Fannie Mae is utilizing to reduce their current inventory of REO properties.  This program is expected to help bring a positive impact to at risk neighborhoods, by helping prospective buyers purchase Fannie Mae REO homes.  

Contact me for further details about this program and to search for properties go to www.homepath.com 





Benefits:
  • No Appraisal Required
  • No Mortgage Insurance
  • Up to 97% LTV available for Primary Residence
  • Up to 90% LTV for Conforming High Balance
  • Up to 90% for second homes

Important items to Note:

  • HomePath® Renovation Mortgage is not eligible.
  • Manufactured homes are not eligible.
  • Condominiums are not eligible.
  • Use of Down Payment Assistance for 97%  Flex programs is not allowed.
  • Primary Residence or Second Home only. 
  • Single Family residences and PUD’s only.
  • 15-year or 30-year fixed rate terms only 
  • Can not have mortgage or housing late payments in last 12 months.

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