Looking to buy a bank owned property? Is that bank Fannie Mae? Or does the seller currently have a FNMA secured loan. If so, you have a new loan program on your side. FNMA’s Home Path offers all the normal benefits of a conventional mortgage program offered by the loan giant, but with a few unique twists.
Just what are these twists?:
- No appraisal required. LTV is based solely on the purchase price. They already hold the mortgage on the property (or own it), so they know what the property is worth to them.
- No Mortgage Insurance.
- 6% (not 3%) contributions towards closing costs or pre-pays (cannot be used towards down payment).
There is however one main catch… yes, everything has a catch. The property that you are trying to buy must be on “the list.” That is right, the house must be designated by FNMA on the Home Path website. Not on the list, got to go with another program.
Just remember, Eusits, Tavares, Mount (Mt) Dora, Lake County, and all of Florida is deemed to be in a declining market. However. this program overlooks that issue. You can come to the table with as little as 35% to put down on the property. This 3% can come from a family member in the form of a gift, if you are unable to put the money down yourself.
Time is running out, as home prices are starting to go back up. Buy a new home today before rates start going up, too.
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