I am shocked how so few people know about this program. The FANNIE MAE Home Path Program is the least expensive mortgage program for Seattle area first time homebuyers that is available and since FANNIE MAE owns the home, they do not require an appraisal, another HUGE benefit.
Exclusive Seattle Fannie Mae Mortgage Lender Dan Keller is able to underwrite and fund FANNIE MAE mortgage loans in-house creating a smooth, quick loan process. I believe this program will help stabilize communities impacted by recent foreclosures by creating another option for homebuyers to achieve homeownership. The HomePath® Mortgage program is now available to my agents and buyers, and can provide up to 97% financing for qualified borrowers wanting to purchase an eligible Fannie Mae-owned property. Even investors and multiple home owners can use this program (investors only need to put down 10%, instead of 20%, plus there is no PMI...)!
ATTENTION REALTORS: From September 23, 2010 to December 31, 2010, the Fannie Mae Homepath Program is offering an additional $1,500 commission on top of your stated commission. Click Here to READ THE MEMO From Fannie Mae HomepathSeattle HomePath Mortgage Program:
- Low down payment - up to 97% financing for primary residence and up to 90% for investment property
- No MI required; however specific MI adjusters apply
- Fixed rates, ARMs and Interest-Only payment feature available
- May be available to buyers with less-than-perfect credit
- Eligibility for high balance conventional loans
- Eligible properties include primary residences, second homes and investment properties
- Minimum credit score requirements are as follows:
- 660 required for Loan To Valaue > 80%
- 620 required for LTV <= 80%
-Down payment can be funded by a borrower’s own savings; a gift; a grant; or a
loan from a nonprofit organization, state or local government, or employer (very similar to FHA guidelines, but without the additional FHA MI costs...).
· Purchase transactions only
· No appraisal required
Ask me to compare the FANNIE MAE Home Path Program to a Seattle Area FHA home loan. And even if a HomePath loan isn’t right for you, our other products or programs may fit your needs. Let me know if you would like a side-by-side comparison. I'd be happy present that to you!
You can go to http://www.homepath.com to search for directly for eligible Fannie Mae properties, or contact me directly and I can help!