Fannie Mae’s HomePath REO Program is Great for Boise, Idaho Investors with As Little As 10% Down on Investment Properties.
That is right only 10% down on investment properties when you purchase a home path eligible property and go with Home Path financing. This is not only a great program for investors but for homeowners and people looking to purchase a 2nd home. Below I have outlined the details:
INVESTORS:
- No Appraisal Required
- Maximum number of financed properties allowed is up to 10 if you owner-occupy the property. Max of 4 properties allowed if the subject property is a second home or investment property.
- Rental income may be used to offset the mortgage payment if 30% equity exists. (per AVM, BPO, or appraisal)in the existing property. Fully executed lease and verification security deposit from tenant deposited in borrowers account required.
- Up to 90% LTV/CLTV
2nd HOME:
- 1 unit up to 95% LTV/CLTV
- No Appraisal Required
OWNER OCCUPIED:
- Up to 97% LTV/CLTV
- Seller Contributions up to 6%
- No Appraisal Required
Fannie Mae’s HomePath REO Program is great for investors due to the small down payments needed in order to get into the property. If you have any questions about the HomePath REO Program please feel free to contact me.
Andy Radke
Mortgage West
Mortgage Consultant
Direct: 208-859-5825
LoanswithAndy@gmail.com
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