In today’s real estate market, more buyers are buying foreclosed properties. Foreclosed homes present new challanges for buyers, realtors and lenders. To help Fannie Mae’s HomePath program is designed to move Fannie Mae REO properties.
For homebuyers, HomePath could be just what you need to move into a new home. In the foreclosure world it is next to impossible to buy a foreclosed home that needs work, a traditional FHA loan(FHA has guide lines in order to fund a loan)
Advantages of a HomePath loan are?
- Low down payment and flexible mortgage terms:
- No Mortgage Insurrance
- Borrowers may qualify even if their credit score is less than perfect
- Available for Owner Occupied, seconds and investments
- Single-family, condo, duplex, 4-plex all eligible
- Properties available all over Minnesoat and the US.
- Downppayment can be funded by borrowers savings, gift or grant or loan from anon-profit organization, state or local government or employer
Owner Occupied
- 3% DownPayment
- No Mortgage Insurance(upfront or monthly)
- No appraisal/fee
Non Owner Occupied
- 10% Down Payment
- No Mortgage Insurrance
- No appraisal/fee
