New Jersey Home Path mortgage credit requirements 2016

New Jersey Home Path mortgage credit requirements 2016

The Fannie Mae HomePath® program is a fixed-rate, fully amortizing loan program that provides the financing for properties that are owned by Fannie Mae as a result of foreclosure or other similar action such as a deed-in-lieu.          

• Low down payment minimum of 5% down payment is required which can be funded by the borrower’s own savings, a gift, a grant or a secured loan from a nonprofit organization, state or local government or employer
  
• No appraisal required
  
• No mortgage insurance required
• Expanded seller contributions for closing costs allowed 
  

HomePath® homes for sale in New Jersey.

LOAN-TO-VALUE

Primary Residence Purchase

• 1 Unit 95% LTV with 660 minimum credit score and 80% with 620 minimum credit score
• 2 Units 85% 660 with  minimum credit score and 80% with 620 minimum credit score
• 3-4 Units 75% LTV with 620 minimum credit score

Second Home Purchase

• 1 Unit 90% LTV with 700 minimum credit score 80% LTV with 620 minimum credit score

Investment Property Purchase

• 1 Unit 85% LTV with 700 minimum credit score 
• 80% LTV with 620 minimum credit score
• 2-4 Units 75% LTV 620 minimum credit score

HIGH BALANCE FIXED RATE 

Primary Residence Purchase

• 1 Unit 90% LTV with 700 minimum credit score
•  75% with 660 minimum credit score
•  2-4 Units 75% LTV with 740 minimum credit score

Second Home Purchase

• 1 Unit 65% LTV with 740 minimum credit score

Investment Property Purchase

• 1-4 Units 65% LTV with 740 minimum credit score

PROGRAM GUIDELINES 

Owner-occupied Primary Residences, Second Homes & Investment properties are eligible:

• Purchase transactions of owner occupied 2-4 unit properties are subject to the following: 
• 2 units: Borrowers may not own any other residential property of equal or greater value in the same area in which the units are located. The mailing address and property address must be verified as the same. If this verification cannot be made, the property must be treated as an investment property.
• 3-4 units: The loan documentation (credit report, income/asset verification) must show the subject property as the borrower’s address. ·        

The Homeowner’s insurance policy must show that the mailing address and subject property are the same. The purchase contract must show the borrower’s intent to occupy.

SELLER CONTRIBUTIONS

Interested party contributions, as a percentage of the sales price or appraised value, whichever is less, are limited to the following values.

Occupancy LTV/CLTV Maximum Seller Contributions

• Primary Residence up to 95% maximum 6% contribution
  
• Less than 75% LTV maximum 9% contribution
• Second Homes 75.0 up to 97% maximum 6% contribution
• Less than 75% LTV maximum 9% contribution
• Investment Properties All LTVs 2%

Eligible Applicants  

• U.S. citizens     
• Permanent resident aliens      
• Non-permanent resident aliens       
  
• InterVivos Revocable Trusts         
• First Time Homebuyer (Primary Residence Only)

 Eligible Properties      

• Attached/Detached SFRs  
• Attached /Detached PUDs     
• Low-Rise/High-Rise Condo (Condos in Florida are not eligible)  
• 2-4 Units.
  

New Jersey HomePath mortgage credit requirements 2015

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