For Today's Rates - www.SonomaCountyHomeLoans.com
No Appraisal Home Loans in Sonoma County
Fannie Mae HOMEPATH
Homepath is a program organized by Fannie Mae to sell Fannie owned REOs. The incredible features of this program are;
- Homepath special financing is available for these REOs
- There is actually Homepath inventory in Santa Rosa and Sonoma county
Go to http://www.homepath.com/ to search current listings for our area. This am there are 42 listings for Santa Rosa, 30 of which are listed at $300k or less.
Homepath financing features are incredible.
- No appraisal required no matter what the offer price is. If the offer is accepted, the value will be the offer price. Fannie Mae already knows the conditions of these properties are willing to lend on these homes.
- Owner occupied OR investment purchase.
- 3% down payment for owner occupied SFR up to $417k loan amount.
- Owner occupied down payment can come from gift or Santa Rosa ADDI assistance program (if buyer qualifies).
- 10% minimum down payment for investors
- NO MORTGAGE INSURANCE REQUIRED
- PUD, and Fannie approved condos ok (if it is on the list, it is approved)
- Interest only available
- 660 minimum FICO
- Up to 6% seller concession allowed
Purchase Agreement must include a purchase addendum with page 1, paragraph 3 indicating that the agreement is contingent on Fannie Mae Special REO Financing from a participating lender. If this is not indicated and the borrower wants to use HomePath financing, the borrower must work with their real estate agent to ensure the contract addendum is updated appropriately.
Homepath rates are higher than market. Comparing today's rates:
Program Down Rate Points MI
Conventional 20% 4.875% 2.5% None
Homepath 3% 6.25% 2.5% None
FHA 3.5% 4.75% 2.5% MI
Required Closing time is the same as conventional lending but remember to increase those loan contingency periods from the standard 17 days to 24. This won't slow a 30 day closing, but will need a longer contingency release period.
