New Fannie Mae 100% Financing, No PMI, 3.5% Closing Cost Help Program

By
Real Estate Mortgage Broker with HOMEPATH, USDA, VHDA, FHA, VA, CONV & JUMBO MORTGAGES

New Fannie Mae 100% Financing, No PMI, 3.5% Closing Cost Help Program

blue plate with 100 dollar bills and knife and fork

 

A program called Homepath is where Fannie Mae is frantically trying to dump their overwhelming inventory! In order for Fannie Mae to get this surplus of REO inventory off their books they have created Homepath.com, which lists each home currently in the inventory that are ready for sale. These homes are being sold for sometimes half of the estimated tax value (Huge Built in Equity).

With creative financing a home buyer can receive the following benefits:

Fannie Mae requires 3% down (which may be paid for by my $7,500 free grant) =  100% Financing

Buy a Fannie Mae Homepath Home=  "NO PMI"

Since property is already owned by Fannie Mae=  No Appraisal Required

Listing agent usually pays for closing costs up to 3.5%=  Borrower Pays NO Closing Costs Out of Pocket

Fannie Mae requires a 660 credit score for a 90-97% LTV (loan to value) but with less than a 90% LTV, they accept a 620 score. Also please note, I offer additional 100% financing programs with 620 credit scoes.

Buyers Agents are given extra bonuses to sell the property! (Agents what are you waiting for?) 

Fannie Mae allows HOA delinquencies and does not require Condo or PUD pprovals. (a unique and rare waiver which other programs do not offer)

 

I am cofident that if buyers knew about these bargain properties and this outstanding loan program, they would pack their bags and move tommorrow!

 

 

If listing agents want to qualify to sell these properties for Fannie Mae go to Listing Agents for Homepath.

 

Homepath homes are initially offered only to owner occupants for a certain period (typically 15 days), this period of time is tracked on the website and is called "FirstLook". If there are no contracts offered by owner occupants within this 15-day period, Cartoon house with sold sign out front buyers for 2nd Homes and Investors are allowed to submit contracts.

 

Many of the Big banks such as Bank of America & Suntrust are not eligible to offer these special loans on the Homepath properties. According to a Fannie Mae associate, "there are very few lenders approved by Fannie Mae to process these Homepath loans, it is a goldmine for all involved".

In fact, there are only a select few lenders allowed to administer these loans due to the importance of these transactions being completed properly for Fannie Mae.

My Bank has the authorization to process and close these loans; and we perform all the work in-house which results in reliable and quick settlements.

 

Please email me at sconlan@vhbmortgage.com or call my cell 301-943-1049, and I will educate you on the homepath program and various other 100% financing programs I offer!

   

 

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Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. Lenn Harley 01/08/2011 06:42 AM
  2. Gabe Sanders 01/17/2011 06:34 AM
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Topic:
Home Buying
Location:
Virginia
Groups:
1st Time Buyers
Active Rain Newbies
Out Of The Box!
Posts to Localism
Virginia Foreclosures Short Sales and REO (and Pre-Foreclosures)
Tags:
100 financing
bank home loans
closing cost help
homepath program

Comments 13 New Comment

Anonymous
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Rainer
29,091
Trustworthy Responsive-Personal-Banking
Younullre not just a client-your a FRIEND!
HOMEPATH, USDA, VHDA, FHA, VA, CONV & JUMBO MORTGAGES

HI Gabe,

Yes, Owner occupant borrowers qualify to put down only 3% as a down payment which would be paid for by my $7, 500 Grant Program. Borrowers for 2nd Homes and Investment properties are eligible but they have to put a higher down payment down put still do not require to pay PMI. Thank you for re-blogging, it is a strong program that not a lot of people know about.  

January 17, 2011 03:15 PM
Rainmaker
179,918
Jim Paulson
Owner,Broker
Progressive Realty (Boise Idaho) www.Progressive-Realty.info

 

I have a friend that is a lender on a Fannie Mae sale.  Even though no appraisal is "required" if an HomePath loan is done, his buyer was going FHA and here in Idaho, it is customary to have the appraisal paid for by the seller.  That was noted in the original purchase sale and sale agreement and we don't see anything in the Fannie Mae addendum that changes this request.  However, the title company and Fannie Mae are saying Fannie won't pay for it.  Has anyone ran across this?  If so, please contact me. 

 

May 25, 2011 03:47 PM
Anonymous #12
Anonymous
Bianca

Is this still being offered today: 100% financing, no PMI, and 3.5% closing costs covered?  Please advise.  Thanks for your help!

July 11, 2012 01:28 PM
Anonymous #13
Anonymous
Elsie

Yes, Is this loan STILL AVAILABLE?? I would like to buy a house, but short on downpayment funds & closing costs. I can make the mortage payment up to 1200.00

July 22, 2012 11:20 AM
Anonymous #14
Anonymous
Elsie

I live in Maryland, so is this loan program available to the people here??  Thanks!!

July 22, 2012 11:28 AM
Anonymous
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