Fannie Mae HomePath Allows Home Purchases Without Appraisals

By
Real Estate Mortgage Broker with Jeff Baxter Mortgage Team NMLS #191033
If you are a real estate professional working with REO buyers, you should speak with your lender about Fannie Mae HomePath financing. This program allows for up to 97% LTV financing on Fannie Mae REO (real estate owned) properties. You can view properties at Fannie's HomePath website - www.homepath.com.

With HomePath financing, no appraisal is required by the lender. The sales price is the appraised value for the purposes of financing. Naturally, you should encourage you buyer to purchase an appraisal if there is any question about the property value. Just don't share the appraisal or property inspection with the lender.

No MI is required on these loans, even at 97% LTV, but there are price adjusters added to the loan so check pricing carefully with your lender.

HomePath financing is available for all types of occupancy, primary, second home, and investment, but the maximum LTV's for second home and investment property purchasers are lower.

Check with you lender or give me a call.

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Jeff Baxter - Prosperity Mortgage - Bethany & Rehoboth Beach, DE

My Website - Email:  jeff.baxter@prosperitymortgage.com

 

 

 

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Topic:
Mortgage / Finance
Groups:
Delaware Real Estate
Long & Foster Agent Lounge
Long & Foster and Partners Bloggers
Prosperity Mortgage
Tags:
homepath
fannie mae
mortgages
reo
foreclosures

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Rainmaker
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Bill Gassett
Metrowest Massachusetts Real Estate
RE/MAX Executive Realty

Jeff I am glad you were able to get the Like button set up easily! Best of luck with your mortgage business.

May 18, 2010 07:04 AM
Rainer
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Jeff Baxter
Jeff Baxter Mortgage Team

Thanks Bill - instructions were great.  All the best to you as well.

May 18, 2010 08:03 AM
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Thoughts on the mortgage market and the Delaware Beach (Bethany Beach, Rehoboth Beach, Fenwick Island, Dewey Beach, and Lewes).