In today’s real estate market, many homes being sold are bank-owned (REO) properties. While some of these homes may need a little extra TLC, they offer many homebuyers the opportunity to purchase a great home at typically a much lower price. In addition, some of these homes allow for special financing programs as with the HomePath Mortgage for Fannie Mae-owned properties. The HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Below are some of the benefits you can expect from a HomePath Mortgage.
Benefits:
- 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 appraisal required
- No mortgage insurance required
- 6% in seller contributions allowed for closing costs on primary residences
- Available for primary residences, second homes and investment properties
Guidelines/Restrictions:
- Eligible properties must be owned by Fannie Mae and sold by Fannie Mae
- Property must be listed on www.HomePath.com as eligible for HomePath financing
- Eligible properties on www.HomePath.com will display this below dual logo:
Please contact me anytime for more details on any loan program or option on our website. With decades of experience and professional closings, I can guarantee my service, the best rates, and most accurate program to meet your needs. If you are or ever have been in law enforcement in California please contact me to discuss your home loan options today.
In today’s real estate market, many homes being sold are bank-owned (REO) properties. While some of these homes may need a little extra TLC, they offer many homebuyers the opportunity to purchase a great home at typically a much lower price. In addition, some of these homes allow for special financing programs as with the HomePath Mortgage for Fannie Mae-owned properties. The HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Below are some of the benefits you can expect from a HomePath Mortgage.
Benefits:
- 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 appraisal required
- No mortgage insurance required
- 6% in seller contributions allowed for closing costs on primary residences
- Available for primary residences, second homes and investment properties
Guidelines/Restrictions:
- Eligible properties must be owned by Fannie Mae and sold by Fannie Mae
- Property must be listed on www.HomePath.com as eligible for HomePath financing
- Eligible properties on www.HomePath.com will display this below dual logo:
Please contact me anytime for more details on any loan program or option on our website. With decades of experience and professional closings, I can guarantee my service, the best rates, and most accurate program to meet your needs. If you are or ever have been in law enforcement in California please contact me to discuss your home loan options today.