I was reading Eugene Loan Guy, Fred Chamerlain’s blog today, and he was talking about a new loan program called HomePath for Fannie Mae homes.
For folks wanting to build remodeling money into their mortgage there has always been the FHA streamline and regular FHA rehab loans, as well as renovation loans available through conventional lenders. This new HomePath loan is the Fannie Mae version.
As Fred states in his post,
So, what is so special about the HomePath program? Well, to start with, it is available up to 95% loan to value on a personal residence, including double wide manufactured home/land properties, with no mortgage insurance. SAY WHAT!!!! Not only that, it is available up to 90% loan to value for investment property and second homes, also with no mortgage insurance. Appraisals are not required. Only those REOs registered with the HomePath program are eligible for the program.
The fact that there is no mortgage insurance for this program can have a huge impact for home buyers as well as investors, where every dollar counts. Now the downside, is that the program is very limited, and that Salem Oregon or Keizer Oregon home has to be on the HomePath list to qualify for the program.
If you go to www.HomePath.com you can find the REO homes that are available for our area. There are currently 6 available in Salem, three under contract, and 1 in the Keizer area. If you want to look at purchasing one of these foreclosed properties, feel free to give me a call to navigate these properties.