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
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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