Showing posts with label Fannie Mae HomePath. Show all posts
Showing posts with label Fannie Mae HomePath. Show all posts

Kentucky HomePath Mortgage Loans for 2015



HomePath® is proud to launch our HomePath Ready Buyer program, a comprehensive online homebuyer education course. First Time Homebuyers who complete this education course by their initial offer may request up to 3% closing cost assistance toward the purchase of a HomePath property and reimbursement of the HomePath Ready Buyer training cost.

To be eligible for the offer: 
  • Buyers must complete the full online HomePath Ready Buyer training course on www.homepath.com and receive the Certificate of Completion.
     
  • The request for closing cost assistance must be made at initial offer in the HomePath Online Offers system on or after April 14, 2015.
     
  • Must be First Time Homebuyer (did not own a property in the past three years) and plans to reside in the property as their primary residence.
     
  • Auction, pool and investor sales are not eligible. 
Get the full details here on https://www.homepath.com/ready_buyer.html

Download the flyer

Buying a home can be a daunting process, especially for First Time Buyers. That's why HomePath is proud to bring you this homebuyer education course. If you're a First Time Homebuyer, we encourage you to take this education course to prepare you for the responsibilities of homeownership. After completing the course, if you attach the course completion certificate to an initial offer and successfully negotiate a purchase of a HomePath property, you can request up to 3% closing cost assistance toward your purchase. Restrictions apply. See full terms & conditions.
Tell me more about the training.
This course is intuitive, self-directed and interactive. The course is being used by other non-profits and lenders and exceeds both HUD standards and National Industry Standards for Homeownership Education and Counseling. The course has 9 modules with a quiz at the end and takes about 4 hours to complete. The course costs $75. After completing the course, download and save your Certificate of Completion. If you decide to purchase a HomePath property after course completion and you successfully close on a contract, the cost of the course ($75) will be reimbursed.
How do I ask for the 3% closing cost assistance?
After completing the course, you must attach the HomePath Ready Buyer course completion certificate to the initial offer submission on a HomePath property. Your Real Estate Agent must submit this at initial offer on the HomePath Online Offers system.

First-Time Homebuyers who complete this education course by their initial offer may request up to 3%* closing cost assistance toward the purchase of a HomePath property and reimbursement of the HomePath Ready Buyer training cost. To be eligible for this offer: • Buyers must complete the full online HomePath Ready Buyer training course on www.homepath.com and receive the Certificate of Completion. • The request for closing cost assistance must be made at initial offer in the HomePath Online Offers system on or after April 14, 2015. • Must be a First-Time Homebuyer (did not own a property in the past three years) and plan to reside in the property as their primary residence. • Auction, pool, and investor sales are not eligible.

Joel Lobb
Senior  Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

 phone: (502) 905-3708
 Fax:     (502) 327-9119

 Company ID #1364 | MB73346





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Kentucky Fannie Mae HomePath® program for 2014

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The Kentucky Fannie Mae HomePath® program offers borrowers the opportunity to purchase a Kentucky Fannie Mae owned property with a low down payment and no appraisal or mortgage insurance. For a list of eligible properties, visit the HomePath website at www.homepath.com.
  • As little as 3-5% down
  • No appraisal or mortgage insurance1 is required
  • Credit scores for conforming balances as low as 620 for LTVs up to 80% and 660 for LTVs over 80%
  • Expanded seller contributions allowed up to 6% on some scenarios


The following is a list of documents that may be required to process your mortgage loan:
·        One full month’s worth of pay stubs
·        Last 2 years W-2′s
·         Last 2 years tax returns 
·        Last two months bank statements for all accounts 
·       
I don't need originals, copies are fine. You can fax, email, or drop off at my office below .  I will supply you a copy of your credit report for free along with your pre-approval letter to buy a home. 
 
It usually takes about 24 hours for a pre-approval to come back from underwriting department. 
 
Let me know your questions. 
 
Thanks and look forward to helping you
 
 
Joel Lobb
Senior  Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

 phone: (502) 905-3708
 Fax:     (502) 327-9119








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Homepath Mortgage Loans for Kentucky Fannie Mae Properties




Fannie Mae Home Ready Program for Kentucky First Time Home Buyer Requirements


A Kentucky foreclosed property can represent a great opportunity and a good value — but a HomePath Kentucky  property can offer even more.  Some homes may qualify for special incentives, and many can be purchased with a low down payment and flexible mortgage terms through HomePath financing.  Go towww.homepath.com to check out special incentives and locate homes in your area.

I have attached Kentucky Fannie Mae Homepath Product Guides for a quick reference guidelines.  Call me today and I will help you with your loan scenarios! 


HomePath® Mortgage financing for Kentucky




Kentucky HomePath® Mortgage financing. 

Mortgage provides special financing terms exclusively for Kentucky Fannie Mae
real-estate-owned properties and can deliver distinct advantages in a down
market:

• Low down payment and flexible mortgage terms
• Available for Owner-Occupied, Second and Investment Properties
• Down payments as low as 3%
• No appraisal fees
• Properties displaying this logo are
eligible for purchase by GMAC Bank
• No Mortgage Insurance required
• Renovation Option not eligible for purchase by GMAC Bank
• Fannie Mae High Balance available in qualifying areas
• 6% Sales Concession Allowed up to 97%
• LTV Minimum Credit Score 620
Put the HomePath Mortgage program to work and grow
your business
• Offer attractive financing options on a wide array of Fannie Mae REO
properties to your current borrower base
• Provide your realty partners with a web-link to the HomePath
Mortgage-eligible properties in their area so they can offer more
options to their clients
• To see listings in your area and connect with listing agents go to


  www.homepath.com
For further information, contact





ü     Kentucky HomePath – Did you know we don’t have overlays?  
ü   Kentucky HomePath -- Did you know we allow 97% on Owner Occupied, 90% on Second Homes, and 85% on Investment Properties (all 1 unit and 660 score)
ü   Kentucky  HomePath – Did you know that the HomePath product does not require an appraisal or MI








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HomePath Financing

Financing Opportunities for HomePath Homes

A foreclosed property can represent a great opportunity and a good value — but a HomePath property can offer even more. Some homes may qualify for special incentives, which will be clearly indicated on the property details page of an eligible property.

Financing

For many homebuyers, finding their perfect house is the easy part – finding the right financing for their circumstances can be harder. Fannie Mae has several financing options. The mortgage options address the financing challenges of multigenerational households, such as parents, adult children, and others sharing a home, as well as low- and moderate-income households. *
Fannie Mae's mortgage products support sustainable homeownership by allowing:
  • Low Down Payment and Flexible Sources of Funds.
  • Conventional home financing with private mortgage insurance (PMI) that, unlike many government-insured loans, may be eligible for cancellation when home equity reaches 20%.
  • Homeownership education helps buyers get ready to buy a home and be prepared for the responsibilities of homeownership.
  • Innovative underwriting flexibilities, including income from a rental unit or boarder, can help buyers qualify.
  • Energy Efficient upgrades
  • Home Improvement costs included in the mortgage
  • 2nd mortgages - Community Seconds
* There are other requirements for getting approved for any of these mortgage options. Speak with your lender to learn more.
More information about financing

Financing Assistance Programs

Many state and local housing authorities offer financing programs that can assist you with the down payment and purchase of your new home. Additionally, HUD's Neighborhood Stabilization Program (NSP) provides homebuyer funds through special financing programs.
We support public funds programs and offer additional assistance to the buyer, including the following:
  • Earnest money requirement for individuals using public funds is only $500. Fannie Mae waives the earnest money requirement for public entities using public funds to purchase a Fannie Mae- owned property.
  • Once an offer using NSP funds is accepted, buyers have the opportunity to renegotiate after receiving an NSP required Uniform Residential Appraisal value for the property.
  • The standard closing period for a public funds offer is 45 days, which allows time to fulfill the NSP requirements for funding.
  • Buyers using public funds to purchase a home can do so without competition from investors during the First Look marketing period (typically the first 20 days on the market).

HomePath Property Eligibility Exception

Interested Party Contributions
This is usually paid by the seller – HomePath properties qualify for expanded eligibility, check with your Lender for their allowances.

The above flexibility is available on all HomePath properties. All other requirements of Fannie Mae's Selling Guide apply.
For more information on HomePath properties, lenders should refer to the Selling Guide.