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Posts Tagged ‘fannie mae’


Purchase and Refinance Home Loans with No Appraisal Required!

Thursday, November 16th, 2017

No Appraisal Required - Purchase or Refinance

Borrowers may now be able to purchase or refinance a home using conventional financing with no appraisal required. This can potentially save you money and time on your next home loan!

  • One-unit properties – Single-family homes and condos
  • Loan must receive approval from Fannie Mae or Freddie Mac’s automated underwriting system to be considered for the appraisal waiver1
  • Purchase – Primary residence and second homes with a down payment of 20% or more2
  • Limited Cash-out Refinance – Up to 90% loan-to-value with Fannie Mae and 80% loan-to-value with Freddie Mac2

1Restrictions apply. Appraisal waivers are offered at the discretion of Fannie Mae and Freddie Mac and not all loans may qualify. To be considered for the appraisal waiver, a prior appraisal must already exist in their database for the same property and borrower. 2If an appraisal waiver has been offered to the borrower, the borrower may still choose to obtain an appraisal. If the borrower has chosen to obtain an appraisal, once it has been ordered, the appraisal must be used on the loan and the borrower cannot revert back to accepting the appraisal waiver.


Limited Time Offer
Closing Cost Assistance from Fannie Mae!



Tuesday, April 26th, 2011

Fannie Mae (FNMA) recently announced the return of their down payment assistance incentive for buyers of FNMA owned homes.  For any offer on a Fannie HomePath home received on or after April 11th, 2011 that closes by June 30th, 2011, buyer’s can receive up to 3.5% in closing cost assistance.  What’s the catch you wonder?  Well, one just need ask!

Here are the requirements:

  • Your agent MUST request (ask for) the incentive upon submission of your initial offer.
  • Your initial offer must be submitted on or after April 11th, 2011.
  • Your loan must close on or before June 30, 2011.
  • You must be purchasing the home as your primary residence.

You can find Fannie Mae owned homes by visiting their website at www.HomePath.com.

So, who exactly is Fannie Mae? Fannie Mae is a government-sponsored enterprise (GSE) chartered by Congress with a mission to provide liquidity, stability and affordability to the U.S. housing and mortgage markets.  Fannie Mae operates in the U.S. secondary mortgage market. This means, rather than providing home loans directly to consumers, they provide them through mortgage bankers, like VITEK, brokers and other primary mortgage market partners, to help ensure funds are available to lend to home buyers at affordable rates. When a home goes into foreclosure, in which Fannie Mae is the investor, they then offer these homes for sale through conventional methods.  You can search for these homes at the HomePath website.

In addition to currently receiving 3.5% in closing cost assistance, borrowers will also receive several other benefits when utilizing a HomePath Mortgage.

Some of those benefits include:

  • Low down payment and flexible mortgage terms (fixed–rate, adjustable rate)
  • Only 3% down payment requirement
    • Can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
  • No lender-requested appraisal
  • No mortgage insurance (Ask me for cost details on loans without mortgage insurance.)
  • Expanded seller contributions for closing costs allowed
  • Available for primary residences, second homes and investment properties

Call or email me anytime with questions or for a pre-approval!

Photo of Jennifer Remedios

Jennifer Remedios
(916) 486-6954
jremedios@teamvitek.com



2011 General and High-Cost Area Loan Limits

Wednesday, November 24th, 2010

Fannie Mae has issued the following Lender Letter:

  • Lender Letter LL-2010-13: Confirmation of Conventional Loan Limits for 2010

The general loan limits for 2011 remain unchanged from 2010 (e.g., $417,000 for a one-unit property in the continental U.S.). High-cost area loan limits for 2011 remain unchanged from the 2010 high-cost area loan limits ($729,750 for a one-unit property in the continental U.S.) for mortgage loans originated on or before September 30, 2011. For mortgage loans originated after September 30, 2011, revised “permanent” high-cost area limits will apply.

Photo of Philip Duncan
Philip Duncan

Executive Vice President



Homepath – Special Financing for Fannie Mae REO’s!

Tuesday, June 22nd, 2010

With mortgage rates still at their lowest in decades, and home prices now more accessible, many renters are finding the dream of owning a home possible. As a first-time homebuyer though, it can often be hard to build up the savings necessary for the down payment and closing costs needed to purchase a home. There are several programs though, aimed to help first-time buyers cross the bridge into homeownership. The Homepath loan program for Fannie Mae REO’s is one such loan program. Homepath only requires a 3% down payment, and if the home will be your primary residence, the down payment can be funded through a gift. Because the Homepath loan program is only available on Fannie Mae REO’s, no appraisal will be required, saving you additional money! Below are some basic points to the Homepath home loan program:

    • Available on Fannie Mae REO properties with following symbol: Homepath Mortgage Logo

    • Less than perfect credit is okay

    • With Flex program (must be primary residence and owner occupied):

      • Only 3% down payment required

      • Down payment can be funded by savings; a gift; a grant; or a loan from a nonprofit

      organization, state or local government, or employer


      • Seller contribution acceptable


    • Available for purchase of primary residence, secondary homes and investment properties

    • No mortgage insurance required (restrictions apply, ask me for details)

    • No appraisal required

    • For a list of available properties, visit www.HomePath.com

If you, or someone you know is looking to purchase a home, Homepath may be a great option. Contact me today for further details on the program, or to get a home loan preapproval and one step closer to your dream of homeownership!

Nick Loris
Nick Loris
(916) 486-6932
nloris@teamvitek.com