Fannie Mae has developed a great program to help sell off some of their inventory of foreclosures. An investor can purchase a HomePath designated Fannie Mae Foreclosure* with only 10% down; if you are looking to purchase as a primary residence, only a 3% down payment is needed.
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