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.