3% down, less than perfect credit ok, no PMI, no appraisal
No, it’s not 2006 again.
But, how would you like to get 3% down, no PMI, no appraisal, 3.5% seller assist, not FHA and the down payment can be funded by a gift?
That’s right, Virginia, there is a mortgage for you. It’s called HomePath ®.
OK, it is for owner-occupants, but investors only need 15% down. But, here is the catch- you must purchase a previously occupied and foreclosed home that is in the hands of America’s premier co-oligopoly- Fannie Mae.
Depending on your market, there may be a lot of homes available in this catagory that fill your needs.
You do not have to pay their agreed upon price either. It is negotiable.
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This article published on Thursday, April 8th, 2010 at 4:10 pm | Contact the editor
Topics: Economy
About this Columnist (Full Profile)
Realty Reality! That describes Fred, a sharp witted and outspoken realist for the mortgage and real estate world who has appeared on CNBC and NPR’s Marketplace along with being quoted in the Philadelphia Inquirer and other media outlets.
Fred is the owner of U S Spaces, Inc (a real estate brokerage firm in PA and CA) and U S Loans Mortgage LLC (mortgage brokerage in PA, CA, CO, FL and VA).
Fred serves on the Board of Directors for the National Association of Independent Housing Professionals and the UpFront Mortgage Brokers, both consumer oriented organizations that help to make the industries better.
Stand by and enjoy his brain-to-finger translation of thoughts surrounding what we do or what we can do for our clients and learn how the real estate/mortgage world really works.
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- Real Estate Ninja:
3% Down, Less than Perfect Credit OK, No PMI, No Appraisal http://bit.ly/c4JjPZ
- Nelbee:
3% Down, Less than Perfect Credit OK, No PMI, No Appraisal http://bit.ly/cqjvFR @AgentGenius
- Real Estate Feeds:
3% Down, Less than Perfect Credit OK, No PMI, No Appraisal: No, it’s not 2006 again.
But, how would you like to ge… http://bit.ly/9xPG1U - RealEstate Babble:
AgentGenius: 3% Down, Less than Perfect Credit OK, No PMI, No Appraisal http://bit.ly/aiGbIg Full http://bit.ly/aWCF1f
- kristin terry:
3% Down, Less than Perfect Credit OK, No PMI, No Appraisal: No, it’s not 2006 again.
But, how would you like to ge… http://bit.ly/c4JjPZ - AgentGenius:
#agnow How about NACA Fred? There is NO down payment, no PMI and credit score is not a high priority. There is a $5… http://bit.ly/alVwCe
- AgentGenius:
#agnow And so it begins anew, it's time to start blowing that bubble back up
http://bit.ly/alVwCe - marshamoves:
@agentgenius 3% Down No PMI, No Appraisal! http://bit.ly/cV1xhA
- AgentGenius:
#agnow NACA also has some funny requirements for agents that work with them, don't they? It feels too much like AC… http://bit.ly/alVwCe
Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
How about NACA Fred? There is NO down payment, no PMI and credit score is not a high priority. There is a $50 monthly, ten year fee that goes into a pool to support NACA borrowers who find themselves unable to pay their mortgage. It sounds like 2005 all over again. At least now they are buying at, or closer to the bottom.
And so it begins anew, it’s time to start blowing that bubble back up
NACA also has some funny requirements for agents that work with them, don’t they? It feels too much like ACORN and the loan programs that encouraged the bubble way back when.