Bruno Post: Fannie Mae Foreclosures Financing Can Be Arranged

Thursday, September 9, 2010

Fannie Mae Foreclosures Financing Can Be Arranged

Fannie Mae has a mortgage program to assist home buyers and investors who buy one of their foreclosures. The program is call Homepath Financing and it has some advantages and disadvantages. The program highlights are as follows:

Low down payment and flexible mortgage terms (30 & 15 Yr fixed-rate with available interest-only option)
Up to 97% financing for Owner Occupied homes
Up to 90% financing for 2nd homes
Up to 90% financing for Investment Properties
Borrowers purchasing a 2nd home or investment property with maximum 75% LTV/CLTV can own up to 10 financed properties
No mortgage insurance option (over 80% LTV requires a 660 credit score and additional fee)
No appraisal fees (Sales price is used to determine value)
1 to 4 unit buildings and condos are eligible

If you're an investor it's a no brainer. 10% down is the lowest down payment you can find in the mortgage market today. As a home buyer, whether to use this financing verses the very popular FHA mortgage is not as clear cut? The homes condition must be considered. FHA will be more strict in regards to property condition. You must also consider that FHA and HomePath mortgage rates are different. HomePath rates can be .5% higher than FHA but when you put 5% down rather than 3% your HomePath rate gets extremely better. HomePath has no mortgage insurance requirement and FHA does. On a $200,000 home that’s an extra $2,000 down and $150 per month. Not much savings there when you consider that you may have a higher rate and a higher down payment with HomePath. If the sales price is more, let’s say $350,000, your FHA upfront mortgage insurance premium is $3,500 and the monthly mortgage insurance is $262.50, HomePath could be a better option in that scenario. For clarity have an experienced Realtor or loan officer compare the programs with you. A line by line comparison should will put all the costs in an easy to read format. Your consultant will create a spread sheet with the following line items:

Sales Price
Mortgage Payment (Rate)
Monthly Mortage Insurance
Total Mortgage Payment
Mortgage insurance premium
Appraisal Fee
Total Closing Costs
Down payment
Property Condition

For a free list of Fannie Mae Foreclosures emailed to you daily click here or go to
http://homepath.MarcusBruno.com

1 comment:

Alan CurtisOctober 8, 2021 at 11:27 PM
Contact: pedroloanss@gmail.com / WhatsApp Number+1-8632310632 for loan offer,
Mr Pedro enabled me to take advantage of an incredible opportunity to relocate and expand my business with his loan offer, at a pivotal time. The support I received from the Loan Firm Pedro working for it was priceless.
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