Fannie Mae has gotten into the foreclosure game with a program called Homepath. The program provides special financing on select foreclosed properties from certain lenders. Fannie Mae has set up a website at homepath.com where it lists properties that are participating in the program. I checked Massachusetts and there were hundreds of condos and houses available.
The benefits of the program are:
- Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
- You may qualify even if your credit is less than perfect
- Available to both owner occupiers and investors
- Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
- No mortgage insurance*
- No appraisal fees
- Also eligible for HomePath Renovation Mortgage (see details below)
- HomePath Mortgage financing is available from a variety of lenders - both local and national.
Find lenders with the best mortgage rates and find out more about a HomePath® Mortgage by checking lenders on the BestCashCow mortgage rate tables.
Comments
Anonymous
December 25, 2009
HomePath is financing that's available on Fannie Mae-owned properties, not properties that are offered by some lenders. If Fannie Mae is the investor in a property that goes into foreclosure, then Fannie Mae owns the property. They sell their properties through traditional retail channels -- all Fannie Mae-owned properties that are listed for sale can be found at www.homepath.com. As for the financing, Fannie Mae offers two types -- HomePath Mortgage and HomePath Renovation Mortgage. Properties eligible for this financing can be identified by looking at the property at homepath.com -- if it has a "HomePath Mortgage" or "HomePath Renovation Mortgage" logo next to it, it's eligible for financing. There are a number of lenders across the country who offer HomePath financing -- a list can be found at homepath.com under the "Financing" tab.
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