Palm Beach Real Estate and Loans

Today's post was provided by Jason Price of Knightlines Mortgage Services:

Looking to buy a bank owned property?

Is that bank Fannie Mae?

Or does the seller currently have a FNMA secured loan?

If so, you have a new loan program on your side.  FNMAs Home Path offers all the normal benefits of a conventional mortgage program offered by the loan giant, but with a few unique twists.

Just what are these twists?:

• No appraisal required.  LTV is based solely on the purchase price.  They already hold the mortgage on the property (or own it), so they know what the property is worth to them.
• No Mortgage Insurance.
• 6% (not 3%) contributions towards closing costs or pre-pays (cannot be used towards down payment).

There is however one main catch... yes, everything has a catch.  The property that you are trying to buy must be on "the list." . That list is FNMA's list of approved homes.  Not on the list, got to go with another program.

In addition, you will have to come up with 5% to put down on the property.  This 5% can come from a family member in the form of a gift if you are unable to put the money down yourself.

Time is running out, as home prices are starting to go back up.  Buy a new home today before rates start going up, too.  Call us to find available homes in your area and get the process started.