At today's sales meeting at the Montclair golf course we had a presentation from the guys at Metrocities Mortgage.
The topic of today's scheduled speakers was the new program from Fannie Mae, HomePath REO loans. This promises to be an exciting program
Metrocities Mortgage our in house lender is one of the few lenders approved to offer Fannie Mae HomePath REO Loans.
The HomePath REO Loan Program offers lower down payments and relaxed requirements. What this means to the consumer is more homeshoppers can become homebuyers!
The key is the home must be a home owned by Fannie Mae. To check the homes available please visit the website www.homepath.com or www.reosearch.fanniemae.com/reosearch
You'll need a FICO score of 660 or above to qualify
- Only 3% down required on a primary residence property
- No mortgage insurance required
- No property appraisal required
- Only 10% down on 1-2 unit investment properties
- Get up to 6% in seller concessions on primary residence properties
Get pre-approved with my contact at Metrocities Mortgage;
Shane Wihlidal
3320 Grand Avenue. Oakland, Ca. 94610
Office: 510 834-2010 x 229
Cell: 925 395-3488
Fax: 866 597-0125
Be sure to tell him that I told you about this program. When you're ready to purchase that home give me a call. My contact information should be somewhere handy on this blog page your viewing.
Michael, our inside lender shared this new loan program with us as well. Sounds like a great opportunity for the right buyer, but a fantastic opportunity for the investor! Good luck!
Is this program only available for direct lenders, or are brokers able to get approved for the program.
Thanks