With all the negativity surrounding the lending world recently about available financing options, good news is always welcome. I wanted to advise you of a home loan program that is now available for all new buyers. It is a new loan program offered by Fannie Mae called HomePath, that involves getting financing on Fannie Mae foreclosed properties up to 97%, and there is no mortgage insurance or an appraisal needed on the transaction. Fannie Mae is also offering a credit of 3.5% towards closing costs on all transactions that close between January 28th and April 30th.

What is HomePath and who Qualifies?

•As Little as 3% down for owner occupied properties
•As Little as 10% down for investment properties
•As little as 10% down for 2nd homes
•No MI
•No appraisal needed-value determined by sales price

HomePath was created to facilitate the purchase of the bulk of REO properties currently serviced/guaranteed by Fannie Mae. In summary it is a new San Diego home loan program offered by Fannie Mae that offers special financing on foreclosed properties already owned by Fannie Mae. Their goal is to offload and sell these properties as quickly as possible in order to minimize the impact on the community.

How to Qualify for HomePath

They are offering 97% financing up to $417k, the 3% down payment can be gifted or borrowed, you only need a 620 credit score, and all loans must be full documentation, there is no mortgage insurance and you don’t need to do an appraisal on the transaction. This can offered on condos, SFR’s, Puds and multi family units. 2nd homes and investment properties can get financing up to 90% LTV.

I believe that for a full market recovery it is imperative that we make more of these financing options available for all buyers. There are only a few lenders offering this new home loan in San Diego at this time as directed by Fannie Mae, so if you are interested please contact me directly at 858-200-9602. .

Sincerely

Michael