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Answers (10)
- Dave Skow, "daveskow"
- Contributions:1107
thanks for the celan up
- Russ Hatfield, "RussHatfield"
- Contributions:336
Hi all,
I cleaned this thread up a bit. Technically, some of the posts from Geofrey would fall under self-promotion here in Advice, per our Good Neighbor Policy so I've removed what I felt fell under this category, while trying to leave those that gave pertinent info. It's a judgment call on my part -- yes. I've tried to find the balance ; )
I also removed posts that we're off-topic and "personal". Although I see the points being made on all sides, I'd prefer to keep this on-topic of the original post.
Thanks for understanding, all.
Russ
Zillow Customer Care
I cleaned this thread up a bit. Technically, some of the posts from Geofrey would fall under self-promotion here in Advice, per our Good Neighbor Policy so I've removed what I felt fell under this category, while trying to leave those that gave pertinent info. It's a judgment call on my part -- yes. I've tried to find the balance ; )
I also removed posts that we're off-topic and "personal". Although I see the points being made on all sides, I'd prefer to keep this on-topic of the original post.
Thanks for understanding, all.
Russ
Zillow Customer Care
- Clay Branch, "Georgia Loans"
- Contributions:7859
The lack of condo restrictions in addition to no appraisal sounds scary to me! If a complex has 90% investor saturation, lawsuits, and other issues,
( on top of not seeing an appraisal ) it could be very hard to sell later.
( on top of not seeing an appraisal ) it could be very hard to sell later.
- Keisha Weir, "keishaweir"
- Contributions:1
Yes you are correct . a 10% down payment on investment properties and as little as 3% down for primary residence
- Nic Netherton, "Colorado Lender"
- Contributions:7219
JKReming-
Yes I can confirm that for you. This FNMA program allows for a 10% down payment on investment properties and as little as 3% down for primary residence. Mortgage insurance is not required with this product and no appraisal either. Of particular interest is the program can be used on otherwise un-financable unwarrantable condos due to the lack of appraisal and condo certification.
The property must be a FNMA owned REO to be eligible Oh, and FHA and HomePath are two completely different programs JKR.
Yes I can confirm that for you. This FNMA program allows for a 10% down payment on investment properties and as little as 3% down for primary residence. Mortgage insurance is not required with this product and no appraisal either. Of particular interest is the program can be used on otherwise un-financable unwarrantable condos due to the lack of appraisal and condo certification.
The property must be a FNMA owned REO to be eligible Oh, and FHA and HomePath are two completely different programs JKR.
- Geofrey Merino, "GMerino"
- Contributions:445
I spoke to soon with what Flagstar has to offer for Fannie Mae Homepath. For a second home purchase it is 90% loan to value and for an investment it is 85% loan to value.
- Howard Vernick, "HowardVernick"
- Contributions:47
Homepath is a program to purchase select Fannie Mae foreclosures. You can find these properties on www.homepath.com. Homepath financing does offer as little as 10% down for single family home investment properties. They also do not require appraisals and they have no condominium restrictions.
- Geofrey Merino, "GMerino"
- Contributions:445
Dave, that is great, share with us what banks will do that. With Flagstar Bank, that maximum ltv is 75%. That is great information, if you wan to email personally you may that way when I come across someone who only has 10% down I have a place to direct them.
- Dave Skow, "daveskow"
- Contributions:1107
10% down Ok for HOMEPATH rental purchase HomePath v. FHA Financing
- Geofrey Merino, "GMerino"
- Contributions:445
For a Fannie Mae home path it is 75% loan to value with a 700 fico score for an investor.
What is the downpayment requirement for FHA HomePath homes as an investor...10%?
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