Home > arizona mortgage, arizona mortgages, arizona real estate, az mortgage, az mortgages, az real estate, mortgage az > AZ Mortgage Question of the Day: Can an investor buy a property from Fannie Mae and then sell it to a new buyer using HomePath financing?

AZ Mortgage Question of the Day: Can an investor buy a property from Fannie Mae and then sell it to a new buyer using HomePath financing?


AZ Mortgage Question of the Day: Can an investor buy a property from Fannie Mae and then sell it to a new buyer using HomePath financing?

Sorry. The answer is No.

Fannie Mae properties are offered with special financing called HomePath financing. This allows for a buyer to purchase the home directly from Fannie Mae and take advantage of the perks of the HomePath financing.

In this case the client was purchasing an investment property. On investment properties, HomePath allows for a minimum 10% down payment and NO monthly mortgage insurance requirement!

Most HomePath properties are designated that way due to condition issues. The HomePath financing does not require a property appraisal so any condition issues are not relevant to qualifying.

Fannie Mae also have a special incentive running now offering 3.5% closing costs assistance through 6/30/2011.

You can find out more about HomePath properties at www.homepath.com and about the special incentive at www.homepath.com/incentive/index.html

Having a dream is good, owning one is better!

Leslie Pelletiere, Owner/Broker

First Class Financial Services, proudly mortgage lending since 1999.

www.fcfs.net                          

 mortgagedr@fcfs.net                        

MB#0902810             NMLS#162494

 

  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: