Fannie Home Path: Real Estate Brokers Property
First Look Option: For the first 15 days the property is posted for sale:
Only owner-occupied buyers can bid
Eligible for HUDs Neighborhood Stabilization Program Incentives
o $500 Earnest Money
o Right to negotiate sales price if appraisal is lower than sales price
3% down payment (savings, gift, loan from non-profit agency)
No appraisal required
No mortgage insurance required
Can request Fannie to pay closing costs (not automatic)
Primary homes & second homes.
If condo, condo project requirements are waive
3 Reasons You Should Not Refinance Your Mortgage
If there is one thing that remains constant, its that interest rates go upthey go downbut they rarely remain the same. But with every decrease, you have an opportunity to take advantage of the lower rates. However, refinancing your mortgage may not be for everyone. Here are thre reasons why you should not do so.
1. Debt consolidation: While you may have enough equity in your home to pay off credit cards or signature loans, stop and do the numbers. Lets say that the unsecured loans will pay off in less than 5 years. If you refinance them, and even reduce your mortgage term to 15 years, youll probably be paying more interest over the long run.
2. Increasing the term of the mortgage: While a lower interest rate can save you a ton of money, dont make the mistake of adding additional years to the new loan. Lets say that you started with a 30-year fixed rate. Youve been making mortgage payments for 3 years now. Dont refinance again for 30 yearslook at the payment, with the lower rate, based upon a 25-year term instead. Going back to 30 years means youd be paying your mortgage for 33 years.
3. Planning to move before recovering closing costs: There are closing costs when you refinance your current mortgage. As your loan officer, I can run the numbers and let you know the number of years it will take you to break even and recover your closing costs. So, if you are planning to move within the next 2 years, but it will take you 5 years to recover your costs, you may not want to refinance at this time.
So you will get all benefits if you choose our Real Estate Brokers and Mortgage Brokers California.
HomePath Renovation Mortgage Program:
Homes that require light to moderate renovation:
Available to owner and non-owner occupied buyers
Can add up to $35,000 or 35% in addition to the sales price to loan amount for repairs
3% down payment (savings, gift, loan from non-profit)
Loan amount based upon as repaired value
No mortgage Insurance required
Can request Fannie to pay closing costs (not automatic)
Primary, second homes and investment properties qualify
Condo project requirements waived.
After 15 days, investors can bid on properties
If youd like to get a copy of all the forms and Fannies information for Real Estate Brokers and Professionals Mortgage Brokers California, heres a link for you to check it out, homepath[dot]com/realestateprof/inde[dot]html