#FANNIE MAE FORECLOSURES NC HOW TO#

As a Certified Broker for Fannie Mae, Vision Group Realty lists properties currently owned. If the LTV is less than or equal to 80%, a credit score of 680 minimum is required primary residences and second homes. NovemThe REO Department at Vision Group Realty is proud to announce that the team is available to service the needs of all buyers occupants and investors, in the search and purchase of REO properties. With a LTV greater than 80%, a 700 minimum credit score is required.

Typically, for a Fannie Mae HomeStyle loan, a borrower must not exceed 45% DTI. The LTV required for a HomeStyle loan is up to 95% for primary residences, up to 90% for second home and up to 75% for investment properties. *Important:Manufactured homes must be newly purchased and never previously attached to a foundation, and must meet all requirements of Fannie Mae HomeStyle.Дown payment for Fannie MaeвЂ™s HomeStyle program is as low as 3%, but is usually 20% required if you choose to not have mortgage insurance. The Fannie Mae HomeStyle loan is available for purchase of primary residence, a second home, or investment property.

Approved (Fannie Mae-warrantable) Condominiums, Cooperative, and PUD units.

1-4 unit existing site-built home (attached/detached).

1-4 unit newly built or constructed (attached/detached).

With the lender involved in the construction oversight and monitoring, it can provide added value to borrowers.

Finance mortgage payments up to 6 months to cover any non-occupancy costs during construction.

Many borrowers are able to take advantage of low first mortgage interest rates and are able to do numerous types of improvements or repairs in their desired home of purchase.

Qualifying for the loan based on the as-completed value of the property.

With the Fannie Mae HomeStyle loan, there are many benefits that a homebuyer can reap such as:

#FANNIE MAE FORECLOSURES NC HOW TO#

To find out more information on how to qualify for a Fannie Mae HomeStyle Loan, feel free to give us a call at (844) 204-2035 and one of our Fannie Mae approved mortgage professionals will be willing to answer any questions you may have. LTV is taken into consideration after renovation is completed (great for underwater homeowners).Does not require mortgage insurance (MI) if LTV is 80% or below.Flexible mortgage term options with 15 or 30 years.Lower interest rates than the standard home improvement loan.The HomeStyle loan program through Fannie Mae has many advantages for eligible borrowers, such as: The North Carolina Fannie Mae HomeStyle program is intended for homebuyers who are interested in purchasing a home in need of moderate renovation or simply for homeowners who already own a Fannie Mae-approved home and would like to have it undergo renovations may try and qualify for additional funds through this program.

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