The last Purchase loan program that doesn’t require an appraisal
One of the most frustrating parts of the mortgage process can be the appraisal. We get daily calls from realtors venting about a low value, with questions about a neighborhood with limited comparable values, or just simply asking appraisal 101 questions. While the new HARP guidelines are helping get appraisal waivers for refinances, there is one last purchase loan program that does NOT require an appraisal- the Fannie Mae HomePath Mortgage.
Here are some of the main points you need to know about the Fannie Mae HomePath program:
No Appraisal Required
No Private Mortgage Insurance needed, even with less than 20% down
Primary Residence Buyers:
Get first 15 days without having to compete with investors
640 Minimum credit score with as little as a 3% down payment
Gift funds are allowed
Investment Property Buyers:
As little as 10% down
Again, no PMI needed
Visit HomePath.com to search for properties in Michigan that are eligible for this great program.