High Balance
The loan amounts are higher than standard limits. Home Path allows a buyer to purchase a Fannie Mae-owned property with a 3% down payment. No lender-requested appraisal and no mortgage insurance. This is only for Fannie Mae-owned properties. [table]
| Credit score: | 700 minimum (660 available below) |
| Property type: | SFR, Condo, PUD (2-4 units available, see below) |
| Occupancy: | Primary residence |
| Down Payment: | 10% minimum |
| Loan to Value: | 90% Max. CLTV: 90% |
| Gift Funds | Allowed. No minimum buyer contribution required. |
| Closing cost: | Seller and/or lender can pay up to 6% |
| Debt Ratio: | 45% with compensating factors up to 50% |
[/table]
Additional Notes:
- 25% Down, primary residence, 660 score, 1 unit
- 25% Down, primary residence , 740 score, 2-4 units
- 35% down, secondary / investments, 660 score, 1 unit
- 100% Gift allowed on primary single residence only
- Condos do not need to be reviewed for eligibility
- No Appraisal report required
- Secondary Financing, Gifts, and Grants allowed
- No Mortgage Insurance regardless of down payment
- Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs.
- 2 Mos. reserves on Secondary, 6 Mos. on Investment
This page contains program highlights only. See links on right side links for further information and details.
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