August 26th, 2012 4:43 PM by Sherry Bitner
If you are looking to purchase a foreclosure, these Fannie Mae (FNMA) HomePath properties are an excellent opportunity. We have a special FNMA HomePath program for financing these properties as well.
There is no Mortgage Insurance on the loans.
There is no appraisal required.
Owner Occupied properties are 97% Loan to Value (LTV), or a 3% down payment is all that is needed. (Less than an FHA down payment of 3.5%.)
Second Homes and Investor properties are 90% LTV, or a down payment of only 10%. Investor programs are normally a maximum of 80% LTV, or 20% down.
FNMA will pay a portion of the closing costs as well.
If the property needs repairs, you can add up to $10,000 to the mortgage, sign the loan documents, and then do the repairs.
To locate properties on the web, go to www.homepath.com enter in the county and state and search.
If you like what you see, give me a call because you will want to have a pre-approval before you go looking at these homes. They go fast and your Realtor will want to make sure you are ready to write an offer as soon as you find a home you like. Make sure you also bring your checkbook because you will need to make a deposit when you write the offer.
Call me today for more details - this is an excellent opportunity - while it lasts! It's a jungle out there...I am your guide!
Sherry Bitner, 941-504-1445 - your Mortgage Loan Originator, NMLS#197312