A San Diego Mortgage Program with 97% Financing and NO Mortgage Insurance!By
I am pleased to announce another high loan to value program that is helping more people buy San Diego homes. The Fannie Mae HomePath™ program can be used to buy foreclosed homes and condos owned by Fannie Mae. There are a few unique things about this San Diego mortgage program that no other program offers. First the new loan will not have any mortgage insurance. Even at the 97% financing level. There is no appraisal needed on the property since the sale price is considered an accepted value of the property. The best part is that there is a minimum of only 3% down on owner occupied properties and investment properties can be purchased with only 10% down. HomePath™ is a program that was made by Fannie Mae for them to be able to sell properties quickly that are already serviced and guaranteed by them. It was designed to minimize the impact of foreclosed properties on a community. The buyer of these San Diego properties is even allowed to have the 3% gifted or loaned to them for the down payment needed to buy the home. The borrower for this San Diego mortgage program must have at least a 620 credit score and the loan must be full documentation. The mortgage can be used on a condo, single family home, a planned unit development (PUD) or on multi unit properties. Second homes and investment properties can be bought with as little as 10% down; so these properties have a tendency to sell quickly.
There are only a few San Diego mortgage lenders approved as HomePath™ lenders. For more information call me at (619)285-2921 or fill out the contact form for us to give you a call.
If you are a Realtor® that would like to find out more information about being approved as a HomePath listing agent or would like some marketing material about the program you can click here for more information from Fannie Mae.