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3% down, less than perfect credit ok, no PMI, no appraisal

subprime-mortgageNo, it’s not 2006 again.

But, how would you like to get 3% down, no PMI, no appraisal, 3.5% seller assist, not FHA and the down payment can be funded by a gift?

That’s right, Virginia, there is a mortgage for you. It’s called HomePath ®.

OK, it is for owner-occupants, but investors only need 15% down.  But, here is the catch- you must purchase a previously occupied and foreclosed home that is in the hands of America’s premier co-oligopoly- Fannie Mae.

Depending on your market, there may be a lot of homes available in this catagory that fill your needs.

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You do not have to pay their agreed upon price either.  It is negotiable.

Written By

Realty Reality! That describes Fred, a sharp witted and outspoken realist for the mortgage and real estate world who has appeared on CNBC and NPR's Marketplace along with being quoted in the New York Times, The Wall Street Journal and other media outlets. Fred is the CEO of U S Spaces, Inc/Arrivva (a real estate brokerage firm in PA, NJ, DE and CA) and U S Loans Mortgage Inc (mortgage brokerage in PA, CA, FL and VA), and serves on the Board of Directors and is the Federal Legislative Director for the UpFront Mortgage Brokers. Fred is also the co-creator of real estate startup, a mathematically driven rental search engine. See everything Fred at



  1. Mike

    April 8, 2010 at 6:44 pm

    How about NACA Fred? There is NO down payment, no PMI and credit score is not a high priority. There is a $50 monthly, ten year fee that goes into a pool to support NACA borrowers who find themselves unable to pay their mortgage. It sounds like 2005 all over again. At least now they are buying at, or closer to the bottom.

  2. Benn Rosales

    April 8, 2010 at 8:24 pm

    And so it begins anew, it’s time to start blowing that bubble back up 🙂

  3. Jonathan Benya

    April 9, 2010 at 1:22 pm

    NACA also has some funny requirements for agents that work with them, don’t they? It feels too much like ACORN and the loan programs that encouraged the bubble way back when.

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