Tuesday, February 16, 2010

Forget the Appraisal - You Don't Need One!

How about buying a house without an appraisal? Fannie Mae has a loan program called HomePath that does not require an appraisal. It’s for their REO (foreclosed) properties. Here are some of the highlights of the loans:

-- No appraisal required
-- Only 3% down payment
-- No mortgage insurance required

At the moment, they are having a special deal that includes the following:

-- The borrower can get up to 3.5% of the sales price towards new appliances. Fannie Mae buys them and delivers them to the house.
-- The borrower can get an additional 6% to pay for closing costs and pre-paids.
-- These deals must close and fund by April 30.

Here’s the web site to look at the properties:

www.homepath.com

We are an approved HomePath mortgage lender.

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