Fannie Mae Homepath Loan A Good Alternative
Fannie Mae Homepath Loans
Fannie Mae Homepath loans are a great option if you only have 3% down for your down payment. The catch is though that one has to buy a home where Fannie Mae is the seller of the property. Have you considered buying a Fannie Mae Home Path Home? Check out the requirements below:
- No Appraisal Required
- No Mortgage Insurance
- Low Credit Threshold: 620 fico up to 80% LTV & 660 fico from 80.01-90% LTV
- Primary or Secondary Home
- Non Owner Occupied Up To 90% LTV
- Max LTV up to 97%
- 30 Year Fixed Rate
- Condo/PUDS/1-4 Unit Properties
The disadvantage to a Fannie Mae Homepath is the buyer agreees to buy the home as is. That means if repairs need to be done on the home, unfortunately, you will be required to fix those items after you move in. The seller whom is Fannie Mae will not be making any repairs on the property. This is why Fannie Mae does not require any appraisal. Since Fannie Mae is the seller and since they are not going to be allowing any repairs to be written into the contract, thus an appraisal is not required on these loans.
One can get a good deal on a Fannie Mae Homepath home because Fannie Mae really wants to sell the home. Fannie Mae is not in the real estate business of selling homes. Therefore, Fannie Mae really does it’s best to try and sell the homes at an affordable price. However, one really needs to make sure that if there are any repairs that need to be done, that you can still afford to make those repairs after you move into the home. Alot of times, borrowers max out their savings. They spend all of their savings on their down payment and closing cost. Then when you move you have to paying a moving company. Plus if you don’t have a lot of credit sometimes the phone companies and the gas companies charge us a deposit to turn on our utilities or transfer over our phone line to another number. The cost of moving can be very expense. Therefore, make sure you plan ahead.
For more information go to our home page at http://azwm.com/ and click on contact us. A licensed loan officer will be more than happy to return your call and answer your home mortgage loan questions.