C.H.E.S.T. (Community Housing Economic Stimulus Team)

Fannie Mae REO Homes For Sale &
FHA HomePath Loan Program

Fannie Mae Home Path Highlights

Fannie Mae Home Path financing allows for up to 97% LTV on purchase transactions for FNMA REO properties with no appraisal or mortgage insurance requirements. This product gives buyers the opportunity to purchase a Fannie Mae REO property with very favorable financing options; in addition to the first time homebuyer tax credit. Guild Mortgage is one of only 22 lenders in the country able to offer this type of special financing. Here are some additional specifics on the HomePath loan program.

  • Special Offer: Up to 3.5% incentive available for owner occupied transactions through April 30th, 2010. Click Here for a list of special incentives offered by Fannie Mae.
  • LTV’s of up to 97% for owner occupied properties and 90% for second homes and investment properties.
  • Allows for up to 10 financed properties (greater than four financed properties, LTV and FICO restrictions apply)
  • No condo project approval or condo questionnaire required (Underwriter to verify project is not a CondoTel)
  • Down payment can come from flexible sources when using the FNMA Flexible Mortgage option. Examples include gift, grants, unsecured loans from relatives, employers, public agencies and secured funds (Fannie Mae Flex price adjustment applies)
  • No appraisal required (LTV determined by contract sales price)
  • No mortgage insurance required
  • Up to 6% seller contributions to the buyer is allowed under the Homepath program
  • Non-traditional credit allowed (price adjustments apply)
  • 660+ FICO required for loan to values over 80%
  • Go to www.HomePath.com for current listing of eligible Home Path properties.

    Upcoming Changes To FHA Loan Financing

  • FHA Upfront Mortgage Insurance premium increases to 2.25%, starting on April 5, 2010
  • FHA Down Payment Requirement increases to 10% for borrowers with scores 580 and lower - sometime this summer
  • FHA Maximum Seller Contribution decreases to 3% - sometime this summer
  • Tax Credit to end by April 30th. Must be under contract by end date and close by June 30th, 2010

    • For more inforamtion on the HomePath loan program, upcoming changes to the FHA finacing rules or to have an agent assist you with your search, please contact us at (425) 396-4569

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    Copyright ©2009 The Cascade Team Real Estate and Guild Mortgage - All Rights Reserved.
    phone: (425) 396-4569 | email: info@thecascadeteam.com

    Subject to change without notice.  *Always consult your Tax Advisor or CPA for full details and eligibility regarding tax credits. Subject to Change Without Notice.  Guild Mortgage Company & The Cascade Team are not affiliated businesses, nor are they under common ownership. References to community housing and economic stimulus team is not meant to construe endorsement by any government entity. Guild Mortgage Company lends in Washington. Guild Mortgage Company NMLS ID #3274.