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.COMEmail 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?
November 12th, 2009 at 2:11 pm
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!
November 12th, 2009 at 5:13 pm
5 YR ARM’S AT ONLY 3.875%
Here we go again! Didn’t they learn anything from the mortgage melt down?
November 13th, 2009 at 9:10 am
“the program has the clients using Fannie loans to buy foreclosed properties owned by Fannie,”
Did you guys read that part?
November 13th, 2009 at 9:14 am
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
November 13th, 2009 at 11:22 am
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.
November 13th, 2009 at 11:58 am
So either it isn’t legitimate or there’s only one Fannie owned property in San Francisco. Yes, odd either way.