HomePath Financing - A Low Down Payment Option for Investors

Like many real estate investors in today's terrible economy, I’m really frustrated on Fannie Mae and Freddie Mac’s new home loan guidelines and the lack of portfolio banks left, especially in the Riverside Real Estate market. I've listed some of the guidelines below:

• Second Home/Investment requires a 10% down payment! (Just about every loan requires 20-25% down!)
• Owner Occupied is a 3% minimum down payment; however, California requires 5%.
• No home appraisal Required! Property is acceptable as-is!!!
• No Private Mortgage Insurance! Meaning, you can qualify for a little but more home!
• Perfect credit isn't necessary (naturally, you will need at least a FICO of 660+).
• 1-4 unit properties, Condo’s, PUD’s, Modular, and Manufactured (Double Wide) are all acceptable.
• Fixed Rate, ARM, Interest Only, 10yr, 15yr, 20yr, 25yr, and 30 yr options.
• Up to 6% seller concessions! (2% for real estate investors)
• Down Payment can be a gift, a grant, or a loan from a nonprofit organization, state or local government or employer.
• Up to 10 financed residences are all right (If you own 5-10 homes, you'll need six months in reserves for each property you own, plus the one you want to buy).
• Conventional Rates.

I hope this critique is beneficial to those who are seeking another home mortgage choice and for those who do not qualify for an FHA mortgage.