Home Buying in Santee>Question Details

Dannyginater…, Home Buyer in Santee, CA

Is it still possible to get a loan with 10% down with a stable job and good credit for an investment property in Santee, CA?

Asked by Dannyginaterrell, Santee, CA Mon Jul 18, 2011

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Fannie Mae's Home Path Mortgage offers the 10% down on investment properties that are owned by Fannie Mae, but I have found that the lender usually requires 15% down. I sold a Fannie Mae home to an investor client a few months ago with the Home Path financing and it was so smooth-I do recommend it. I have great investment opportunities coming up in Santee/East County all the time if you want some more information just email me or give me a call. 619-651-3103
0 votes Thank Flag Link Fri Sep 2, 2011
Yes it is, with Fannie Mae HomePath financing you can finance up to 90% on a 1-unit investment property, minimum 660 score required. Catch is that the program is only good for properties listed for sale at http://www.homepath.com as that is Fannie Mae's REO inventory website. No appraisal is needed (for better or worse, doesn't give you a chance to renegotiate price based on a lender's required appraisal), no mortgage insurance is needed (but over 80% the rate gets more expensive in lieu of mortgage insurance). While Fannie Mae permits up to 90% financing on 1-unit investment properties with this program, I have found that some lenders will only go to 85%, so it's something to ask about ahead of time.

With Fannie & Freddie's regular financing programs, it permits up to 85% financing, but very few lenders have a mortgage insurance provider that insure investment properties (more will begin soon), so with most lenders you'd be looking at a minimum of 20% down, but 25% down will get you better priced interest rates.
0 votes Thank Flag Link Mon Jul 18, 2011
I think you are home-free, but I'm a Realtor, not a Mortgage guy:
Please e-mail Shane Milne, shane@thebesthomeloans.com
We are not supposed to blow our own horn, but I am familiar with Shane's work and can recommend him.

Good luck and may God bless
0 votes Thank Flag Link Mon Jul 18, 2011
You won't know till you complete a loan application with a mortgage broker

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Mon Jul 18, 2011
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