Discouraged about all the new Fannie Mae and Freddie Mac financing Guidelines, I chose to look into some kind of alternative home loan financing for second time home buyers and investors in the Riverside Real Estate market. Great news! After searching through the Internet, I found an excellent program that is offered by Fannie Mae. It’s HomePath mortgage, and it’s only offered by Fannie Mae Bank Owned residences. I’ve included a few details below:
- Second Home/Investment requires a ten percent down payment! (Practically every loan requires 20-25% down!)
- Owner Occupied is a 3% minimum down payment; however, California requires 5%.
- No Appraisal Required! Property is acceptable as-is!!!
- No Private Mortgage Insurance (PMI)! That means you can buy a more expensive home!
- Less than perfect credit is acceptable (typically, you will need at least a FICO of 660+).
- 1-4 unit homes, Condo’s, PUD’s, Modular, and Manufactured (Double Wide) are all satisfactory.
- Fixed Rate, ARM, Interest Only, 10yr, 15yr, 20yr, 25yr, and 30 yr options.
- Up to 6% seller concessions! (2% for 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 homes are all right (5-10 residences require 6 months in reserves for each property you own plus the one you want to buy).
- Conventional Rates.
I hope this article has been useful to investors and home buyers who do not qualify for an FHA home loan.
Looking for an affordable home in the Riverside Real Estate market?
Property Description:
Wonderful home in Orange Crest area. seller has upgraded this home with granite counters, crown molding, designer paint, beautiful wood floor and designer carpeting. Master suite with sitting/retreat area and master bath, all downstairs. Family room with fireplace is open to the kitchen to make a great room and hub for the house. Formal living room/ dining room opens to the formal entry. Upstairs are 3 more bedroom and a huge bonus room that had been closed to be a separate room (it could be a 5 bedroom home). 3 car garage. Large lot 9,148 sq ft with great fruit trees and concrete patio and pathways (spa not included in sale). This is a short Sale and subject to lender approval. Mello Rous Community Facilities District Bond, paid with property taxes is apx $1,170 per year.
View this property: Riverside Home for Sale
Looking for a luxury Riverside Condo for sale?
Property Description:
***Standard Sale**Not Short Sale & Not REO. Most sought after complex in Riverside(Park Granada). Features this 2 bedroom and 2 full bath condo. Spacious closets in the bedrooms, Livingroom has raised ceiling w/fireplace, Kitchen has a built-in pantry, Dining Room has a built-in bar, upgraded ceiling fans throughout home, and a two car detached garage. Washer, Dryer, and Refrigerator will stay with the property. Enjoy the luxury of three swimming pools and spas without having to clean them. Close to freeways, shopping, and schools. Excellent for First time or Retired buyers. Seller is motivated.
View this property: Riverside Condo for Sale
Newer Home for sale in the Riverside Real Estate market?
Property Description:
Sellers very motivated to sell!! Horse Property in a prestige area, many fruit trees, plenty of parking space, RV or boat. Beautiful two story home. Nice views. Bright Gourmet Kitchen, Breakfast Bar,Walking Pantry. BBQ island perfect for entertaining. HURRY! DREAM HOME!.
View this property: Riverside Home for Sale
Looking for a like-new luxury home in the Riverside Real Estate market?
Property Description:
Gorgeous Mediterranean View Estate offering the finest taste and sophistication throughout. Newly renovated with completely remodeled bathrooms, new dark wood flooring and upgraded lighting. New upgraded Granite counter tops, dark wood cabinets and new pool. Kitchen with Center Island and breakfast peninsula, huge eating area and open to the family room, making this the heart of the home. Perfect for everyday living and entertaining. Total home technology with Crestron system- controlled lighting, climate, security cameras and whole house audio all with Customized touch screen keypads, from anywhere in the home or on the road. In addition to the master bedroom, this home offers 2-mini master suites, formal living room, formal dining room, Office with custom cabinets and desk/partners desk. Outdoor kitchen with bar seating, elevated eating area under pergola, outdoor fireplace, a resort style pool and premium 4.72 acre view lot make this the most spectacular home in the area.
View this property: Riverside Home for Sale
Looking for an immaculate Riverside Home for Sale that is neither bank owned or a short sale?
Property Description:
BEAUTIFUL SYCAMORE HIGHLANDER LOCATED AT CUL-DE-SAC. LONGER DRIVEWAY. 5 BEDROOM PLUS BONUS ROOM. DESIGNER MOSAIC TILE ENTRY(DOWNSTAIRS BATH HAS MOSAIC TILE) EXTEND THROUGH HALLWAY/FAMILY ROOM/KITCHEN, NEW CARPET. NEW PAINT THROUGH OUT. WOOD FLOOR ON STAIR CASE AND ALL CLOSET. SOME WOOD SHUTTER AND 2″ WOOD BLIND. BRICK FIREPLACE IN FAMILY ROOM. WALK-IN PANTRY. SPOT LIGHTS IN KITCHEN/FAMILY ROOM AND TWO BEDROOMS UPSTAIRS. HUGE MASTER BEDROOM, CUSTOM TILED SHOWER/TUB. SPARKLING POOL & SPA. LOW MAINTENANCE BACK YARD.
View this property: Riverside Home for Sale
Looking for downtown Riverside Real Estate?
Property Description:
THIS IS A 4 BEDROOM 3 BATHROOM HOUSE; 3187 SQ FT ON A 5227 SQ FT LOT; GREAT INVESTOR OPPORTUNITY; NEWER DEVELOPMENT; OPEN FLOOR PLAN; BEDROOM AND BATH ON MAIN FLOOR; OPEN KITCHEN WITH GRANITE COUNTER TOPS WITH CENTER ISLAND; QUIET STREET MINUTES AWAY FROM DOWN TOWN RIVERSIDE.
View this property: Downtown Riverside Home for Sale
Looking for Mission Grove Homes for sale?
Property Description:
Standard Sale! A rare opportunity ~This is a 1981 custom built Ranch style 1 story home with the original owner ~ Located on a 3 1/2 Acre secluded and very private country setting located at the end of a private cul de sac street, and is surrounded by exclusive Mission Grove and Hillcrest Estates homes. Come live in the the country, and walk to the store, the movies, dining and more! Great condition, just needs a litte updating. Very well taken care of. This home is wheelchair friendly. Master bedroom is located separate from the other bdrms with a sliding glass door. Bring your family, work, bring your boats and rv’s, bring your HORSES!!!! Bring whatever you want~ Theres PLENTY of room and more. Theres also a separate storage building with its own driveway and 2 roll up doors. Come see all the trees and the creek that runs through this great piece of property.
View this property: Mission Grove Home for Sale
Looking for Horse Property in the Riverside Real Estate market?
Property Description:
STUNNING cust home w/captivating pnormc views & perfectly placed on 1.67A of useable pvt grounds, surrounded by approx 100 income-producing Valencia orange trees. This prvt home evokes the coveted CA lifestyle. The cust-built 3,000sf det gar architecturally complements the house & has 2 11~ roll-up doors, accommodating the largest of RV~s & several vehicles or unparalleled for a home based bus – plus a 3-car att gar! Extraordinary feat incl lrg rms, crown moldings, 10~ & 12~ ceilings, 5~ wide hallways, frml entry, liv & din rm (or off), 2 FP’s, 8~ French drs, mud rm, game rm, wet bar, dual AC, cust lghtng w/remote cont programmable dimmers, spkr sys throughout w/in-wall vol cntrls, ~Smart House~ wired Dual Cat 5, Dual Coax, Alarm & Audio. Remarkable Viking kit boasts prof 48~cooktop w/ grill & stnls hood, 60~ twin stnls refrig/frzr, 2 ovns, pot filler w/filt wtr, oak cbnts w/pullout drwrs & brilliant lghtng. A 21~x41~ pool & hot tub adjoin a fblus vast TREX deck w/built-in fire pit.
View this property: Luxury Home for Sale
Looking for a Golf Course view home in the Riverside Real Estate market?
Property Description:
ASTOUNDING VIEW with this upgraded 5 bedroom 2.5 bathroom home located in the beautiful area of Indian Hills! Admire the amazing view of the city lights, hills, and golf course from all areas in the house!
**FRESH COAT OF PAINT** throughout! Home features tile floors and counters, large eat in kitchen with center island, and cozy up to your warm fireplace located in the family room. Very spacious floor plan to suit your family desires. The backyard shows off a large pool sized yard, surrounded by lovely landscaping, and includes a covered patio. Great home to entertain family and friends! Great schools, shopping, and home is close to 60 & 15 freeways. Hurry and submit your offer in today!
View this property: Luxury Home for Sale
