Fannie Mae has thousands of foreclosed properties for sale. In desparation to get these homes sold, they are being offered at very attractive prices and with as little as a 3% down payment. This program is called the HomePath program and information can be found at www.homepath.com Perhaps an even better deal allows for up to $35,000 to pay for certain repairs and renovations to be added to the loan! This loan program is called the HomePath Renovation loan. Both the HomePath loan and the HomePath Renovation loan programs are available for primary residence, second home and investment property purchases. Let me say again that you can use this program to buy and fix up a property that will be used as a rental. This is big news!
It get’s better.
- Low down payment and flexible mortgage terms (fixed–rate, adjustable rate, or interest–only).
- Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
- No lender-requested appraisal.
- No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
- Expanded seller contributions for closing costs allowed.
- Available for primary residences, second homes and investment properties.
- Many condo project requirements are waived; ask your lender for details.
- For more information, contact a HomePath Mortgage lender or click here for the Home Buyers Guide.