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I did not get any quotes on my loan request (ZR-KQDYTKY). Can someone help me figure out why?

I have excellelent credit, income >$200,000. Want to buy a retirement home with 0 down. Have no debt, renting current home in New York city/

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February 06 2010 - Fairhope
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Answers (4)

If you want to purchase a property in Arizona, you could buy a Fannie Mae owned home on the "Home Path" program with a min. down payment of 10% and there would be no mortgage insurance requirement AND no appraisal.  The loan would have to be designated on the loan as an investment property in order to get this type of financing without doing it as a primary residence.  We are one of the approved lenders in Arizona approved to provide this type of financing.  (Keep in mind that the subject property must be designated by Fannie Mae on the www.homepath.com website as eligible for HomePath financing).
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October 28 2010
VA is only available for owner occupied homes.  So if you are relocating to Alabama, you must occupy the property within 60 days or less (from the closing date) for the home to be classified as your primary residence.  If it will be longer than 60 days, your purchase will be classified as a second home and the maximum  loan to value available through a lending institution is 90% or a 10% down payment.  A long shot would be finding a seller that is willing to owner finance.  (Those are rare).
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October 27 2010
Jason,

Excellent answer.  VA will be the only produce out there.
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October 27 2010
0 down is just not available for this request, unless you are eligible for a VA loan. I can't speak to the MI guidelines in Alabama as I am not licensed there, but in Texas you would be looking at a minimum of 5% down on a Conventional loan for the scenario you posted, assuming you will be making this home your primary residence.
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February 06 2010
 
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