FNMA Homepath-An Outstanding Opportunity!

Fannie Mae's Homepath program provides homebuyers with an opportunity like no other. The program simply requires the purchase of a Fanne Mae owned property. The program allows for 97% financing for primary residence properties, 90% for second homes and 85% for investment property, all with NO mortgage insurance and NO appraisal. FNMA owns a significant number of homes in Arizona, California and throughout the US. If you are looking for a primary residence, second home or have been considering the purchase of an investment property, ask your realtor for a list of FNMA owned properties.

Interest rates have begun what is likely to be a gradual climb over the next several months. If you have been waiting for rates to drop further or begin to rise before starting the process of purchasing or refinancing, wait no longer.

FHA has increased its up front MIP premium from 1.75% to 2.25%. While this will create a slight increase in monthly payment, FHA financing provides loan amounts up to $346,250 in Maricopa County. FHA financing is available for all single family and some condo properties, has no income limitations or restrictions and requires a down payment of just 3.5% which can be in the form of a gift from a relative. Parents may co sign for with their children as well. More than half of all financing today is provided through FHA.

As we have continued to announce, the American Recovery and Reinvestment Act tax credit expires soon. Contracts for home purchases must be completed by April 30, 2010 and close by June 30, 2010. There is still time to buy a home and receive this credit! Contact your realtor and your CFS Mortgage Corporation loan officer today for more information!