The Homepath loan program is a Fannie Mae loan program intended to help Sonoma County borrowers buy Fannie Mae foreclosed properties. This is an amazing Mortgage program for both first time home buyers and investors alike. Owner occupants are given a 2 week first shot at new listings before the investors can make offers. There is no appraisal required for these loans and borrowers are encouraged to finance the closing costs by asking for seller credits. Again…NO APPRAISAL!
In additon Sonoma County owner occupied borrowers have a minimum 3% down payment with NO MORTGAGE INSURANCE. Compare that to FHA and you will be saving hundreds of dollars a month plus there is no up front MI premium. In additon there is no scrutiny for the condition of the property becasue again… there is NO APPRAISAL.
Sonoma County investors can put a minimum of 10% down and also not have an appraisal or MI required. There is also a maximum limit of 10-20 properties that an sonoma county investor can hold vs traditional mortgage loan programs that limit to 4 with mortgages.
All in All, this is a fabulous program for all Sonoma County Home buyers. Please call Hunt Conrad for more information. 707-431-9715. “Hunt For Your Loan”
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