Homepath Mortgages are Available for Foreclosure Properties
Allen Tate Mortgage Offers Fannie Mae Homepath Financing
Allen Tate Mortgage is pleased to offer Fannie Mae’s Homepath Financing. This program is offered on foreclosure properties listed on Fannie Mae’s Homepath website (www.homepath.com) and can be searched by Zip Code and area.
What makes this program of interest is that these homes are in good condition with working systems such as HVAC, plumbing, etc. These homes may be purchased as primary residences, second homes and investment properties. Down payments required are as follows:
• Primary Residence: 3%
• Second Homes: 10%
• Investment: 10%
These properties are offered with these low down payments and do not require PMI (private mortgage insurance). Rate premiums will be added for lower down payments. Additionally, these homes do not require an appraisal as Fannie Mae has already completed a thorough appraisal and inspection process.
To purchase with maximum financing (Primary 3% and Second/Investment 10%), the buyer must have a minimum credit score of 660. They may purchase with 20% down with a minimum credit score of 620.
All loans require standard full documentation of income and assets, just like any standard conventional loan. This loan program should not be confused with Fannie Mae’s Homepath Renovation loan, which Allen Tate is not offering at this time. For information on the standard Homepath Mortgage, ask your Allen Tate Mortgage Consultant, Tracie Mayo at 803.389.0534.
Note that changes occur in loan programs. Tracie can give you the most recent information.
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