HomePath loan with no appraisal and no mortgage insurance!

05 February 2010 Categories: Appraisals, FHA, First Time Home Buyer, Foreclosures

HomePath loans are great options for those buyers or investors looking to purchase a foreclosed home owned by Fannie Mae. Here’s the rundown:

Eligible Properties:

  1. All properties designated by Fannie Mae at www.homepath.com as eligible are good to go
  2. Primary residences
  3. Second homes
  4. Investment properties

*Notice that there are NO condos, cooperatives or manufactured homes allowed by Fannie Mae for a HomePath loan.

Program Details

  1. No appraisal required
  2. No mortgage insurance required
  3. Low down payments (minimum 5%)

This is a GREAT program for anyone looking to aggressively shop foreclosed properties. And not just that, but HomePath and Fannie Mae are offering the following incentives on top of the above:

  1. 3.5% incentive for buyers who purchase and close between January 28, 2010 and April 30, 2010. The 3.5% can be used for:
    • Closing costs
    • Purchase of new Whirlpool® appliances
    • A mix of closing costs and appliances, up to a maximum of 3.5%.

*Sorry investors, only owner-occupied primary residences are eligible for the 3.5% closing costs credit.

Read the full article 0 Comments