Life in Myrtle Beach...: Attention Investors or Vacation Home Buyers...

Welcome...

Welcome to the Life In Myrtle Beach blog where we hope to provide a wealth of information for you, whether you will be vacationing in Myrtle Beach, making this your second home location or moving to the area and becoming a "local" yourself. Feel free to ask any questions you have and if I don't know the answer...I'll find it for you!

Being a Realtor, I'll have plenty of Real Estate news to discuss, whether on the local, state or national level...I feel this is an important part of any person's decisionmaking process when considering a move or a purchase in any particular area of the country. However, since I don't want to bore you with just a bunch of facts, numbers and endless listings of properties for sale, I do hope you enjoy the "fun stuff" I'll share, too!

Be sure to leave your thoughts and comments at the bottom of my posts and feel free to sign up with your email in the left column for blog updates. If you have a Gmail account or Yahoo, please sign up to be a member! I look forward to getting to know you!

Thursday, November 17, 2011

Attention Investors or Vacation Home Buyers...

To follow is a contribution from our mortgage broker, John Faiella, who is with First Trust Mortgage out of Pawley's Island, SC. This piece is a synopsis of a Fannie Mae program which looks to be a great program for investors of rental property or vacation home buyers. I've asked John to contribute to this blog so that readers can gain the most up to date mortgage information available. I appreciate him doing this for me, as changes happen in the mortgage industry so frequently and John does a great job keeping abreast of it all!

Please leave your comments or questions below his post....

Great Investor Financing Program

Just like all mortgage financing, loans for investors have become more challenging in the last couple years. One bright spot though has been Fannie Mae’s Home Path program.

Home Path is a loan program for homes that Fannie has foreclosed on and is putting on the market. Investors are generally limited to 75% loan to value and scores above 720 with conventional financing. However, Home Path will allow an investor with a 25% down payment to borrow with a score as low as 620. If the investor has a score above 660, this person can put as little as 15% down with NO PMI.

In addition, properties are not limited to single family residences. Within the Home Path program, condos, 2-4units, and PUD are also included. Lastly, there is no appraisal required for this program. This reduces cost to the investor and potential road blocks in underwriting. This is a great program for investors, so take advantage while it last!