Eligible Fannie properties require NO PMI, and currently have very low interest rates! Go to HomePath.com to get a list of homes.
Highlights for available financing include:
â€¢ 97% financing for Primary Residences
â€¢ 90% financing for Second Homes and Investment Properties
â€¢ No appraisal required
â€¢ No mortgage insurance (MI) is required â€“ although Fannie Mae price adjusters will apply
â€¢ Flexible mortgage terms â€“ including fixed-rate, ARMs or the Interest-Only payment feature*
â€¢ Min 620 score for 80% or lower LTV
â€¢ Min 660 score for 80.01% and above LTV
â€¢ FNMA Desktop Originator/UnderwriterÂ® Approve/Eligible Required**
â€¢ Includes Condos as long as project has sufficient Fidelity, Master Hazard, and Flood (if applicable). HO6 â€œWalls inâ€ Coverage also required
Max Debt-to-income ratio is 45%
* The property must be designated on HomePath.com as eligible for HomePath financing. Programs available only to qualified borrowers. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply.
I can help you finance these properties, for more information, please contact me for additional details at http://www.ccflender.com or 866-790-6925
Americash is known as one of the Nations top originators of residential mortgages. Americash pursues cost effective advertising, primarily through the internet, and passes the savings through to the consumer in the form of lower rates.
USDA however, may offer a $5000 escrow repair loan that allows you to have repairs done to the house in order to qualify them for an FHA loan. The repairs must be done within 30 days of close. If you need to go over $5000, the loan will convert to a 203K loan which allows up to $35,000 in repairs or 110% of the after repair value, whichever is less. This loan can take upwards of 60 days to close (depending on repairs being done).
http://www.homepath.com/ <<-- homepath website
http://www.tenmanagement.com/listings/state.do?code=WA <<-- HUD homes
Contact a HomePath lender to find out what is needed to qualify. Fred has posted a good link below for a starting point.