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Mortgage Monday: Fannie Mae HomePath

The HomePath Mortgage Program offers special financing for purchasers of Fannie Mae Real Estate Owned (REO) properties deemed eligible.  Visit this link to search for eligible properties. Chesterfield County currently has 56 eligible properties and Henrico County currently has 44.

fannie-mae-homepath-lending-mortgage-logo-reo-bank-owned

Purchasers of these foreclosed properties through HomePath will find expanded conventional guidelines and competitive interest rates.  Here’s an overview of the program with the extra special incentives in bold:

  • Primary residences, second homes, and investment properties are eligible
  • Minimum of 3% down for primary residences, 10% for a second home, and 15% for an investment property
  • No mortgage insurance required
  • 640 minimum credit score for owner occupants, 660 for second home/investors
  • Debt to income ratios up to 50% with compensating factors
  • All home types eligible; condos do not have to be warranted by Fannie Mae
  • Liberal sources for down payment are eligible
  • 6% seller contributions allowed for owner occupied and second home for LTVs 75.01%-97.00%, 9% allowed for LTVs less than 75.00%

We are pleased to offer HomePath here at First Home Mortgage.  Feel free to contact me for more information.

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