Here We Go Again With The Lending

Intercepted from inter-office emails:

Great News,
We are now offering Fannie’s new HomePath loan program! Let your clients know these improved loan terms to generate new business. Essentially, the program has the clients using Fannie loans to buy foreclosed properties owned by Fannie, therefore Fannie gives improved loan terms to the buyer.
PROGRAM HIGHLIGHTS:
-97% FINANCING WITH NO MORTGAGE INSURANCE ( That’s a lower monthly payment and lower closing costs)
-90% FINANCING ON INVESTMENT PROPERTIES
-NO APPRAISAL REQUIRED SAVING YOUR CLIENT TIME AND MONEY (Value is selling price determined by listing bank)
-CONDO’S AND 2-4 UNITS OK
-TODAY’S HOMEPATH 30 YR RATES AT 5.0%, 5 YR ARM’S AT ONLY 3.875% !!
TO SEE A ELIGIBLE PROPERTIES IN YOUR AREA SIMPLY GO TO WWW.HOMEPATH.COM

Email or call me with client loan scenario’s that can benefit from this awesome program.

Successfully [not Sincerely],

[Loan Guy]

It seems we’ve heard this before?

6 Comments

Add yours →

  1. Wow, only 3.875% for a 5-yr ARM? Do super jumbos count, or is this only conforming?

    Pls shoot me an email, b/c I’ve got tons of business for you if what you advertise is TRUE!

  2. 5 YR ARM’S AT ONLY 3.875%

    Here we go again! Didn’t they learn anything from the mortgage melt down?

  3. “the program has the clients using Fannie loans to buy foreclosed properties owned by Fannie,”

    Did you guys read that part?

  4. I just used it, http://WWW.HOMEPATH.COM

    There’s one property that qualifies and it’s on Gilman out in Bayview for 280K:

    http://www.homepath.com/listingdetails.html?ms=&zip=&xs=&src_ref=&cno=075&pi=&mlsid=&bhi=&y=7&x=57&pa=&st=CA&bdi=&ci=san francisco&listingid=20039386

  5. I think what’s interesting is that the property fluj mentions is the ONLY property that comes up in a search of San Francisco County at any price range.

  6. So either it isn’t legitimate or there’s only one Fannie owned property in San Francisco. Yes, odd either way.

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