More and more foreclosures or REO homes that hit the market for sale are FANNIE MAE owned. If FANNIE MAE owns the home, then the home qualifies for an exclusive financing program offered by FANNIE MAE through an endorsed FANNIE MAE lender. I am an exclsuive Seattle Fannie Mae Mortgage Lender that is able to underwrite and fund FANNIE MAE mortgage loans in-house creating a smooth, quick loan process. I believe this program will help stabilize communities impacted by recent foreclosures by creating another option for homebuyers to achieve homeownership. The HomePath® Mortgage program is now available to my agents and buyers, and can provide up to 97% financing (only 3% down!) for qualified borrowers wanting to purchase an eligible Fannie Mae-owned property. Even investors and multiple home owners can use this program (investors only need to put down 10%, instead of 20%, plus there is no PMI…)!
– No MI required; however specific MI adjusters apply
– Fixed rates, ARMs and Interest-Only payment feature available
– May be available to buyers with less-than-perfect credit
– Eligibility for high balance conventional loans
– Eligible properties include primary residences, second homes and investment properties
– Minimum credit score requirements are as follows:
– 660 required for Loan To Valaue > 80%
– 620 required for LTV <= 80%
-Down payment can be funded by a borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer (very similar to FHA guidelines, but without the additional FHA MI costs…).
· No appraisal required
Since FHA raised their monthly PMI guidelines on October 4th, 2010, thee FANNIE MAE Home Path Program saves thousands of dollars as compared to a Seattle Area FHA home loan. Even if a HomePath loan isn’t right for you, our other products or programs may fit your needs.
See the wide-open inventory of home or search for Marysville Fannie Mae homes on the Hompath Website. If you have any questions on the Fannie Mae Homepath program, or would like to be approved to purchase one of these homes, please contact me at:
Dan Keller, Fannie Mae Approved Mortgage Lender