Edited Message from Dan Shaw…hey buddy I had too.
Well, today BofA announced that any purchase transaction, in which the sale price is 20% higher than the seller’s acquisition price is no longer eligible at BofA for any type of loan. ANY TYPE of LOAN! And remember the 90 day rule? Gone, history, in the archives. The new improved look back period will now be 12 months! So gone are the ideas of flipping homes. And yes I know there are other lenders, and I do not single out BofA to besmirch their sterling reputation, because I actually sometimes broker to BofA. I tell you this, because my experience has shown that BofA tends to set the trend on rules such as this. So look to see this spread throughout the industry very quickly. But for now, back to BofA……
Ok, I will calm down now, but man that really irks me as if you couldn’t tell.
I have mentioned this the last couple updates, and if you have not done so already check into the Fannie Mae Homepath program. If your borrower purchases a certified Homepath home, they can put as little as 3% down with NO mortgage insurance and no appraisal! Homepath is available for second homes and investment properties up to 4 units. Investors, can put as little as 10% down! Homepath homes are listed on the www.homepath.com website. The home must be a homepath home and the buyer must use a Homepath certified lender, of which I just happen to be……..
Well there is much more, but I will write to you all later. Have a great week. Enjoy this beautiful fall like weather and hopefully you sell a home or two. Should you need a lender or have a question, please give me a call. Your referrals are always appreciated.
And if you have not already done so, take a moment to remember where you were on that dreadful day of September 11th nine years ago. And lend a prayer, or thought to those who lost their lives. And remember in the face of adversity how brave our fellow Americans performed that day and every day after.