Monday, July 30, 2012

Fannie Mae's HomePath Program Be Sure to Check Out This Great Opportunity

I want to make sure you know about a great program that's available to homebuyers around the country. When foreclosures occur on Fannie Mae-owned properties, Fannie Mae hopes to sell those properties quickly so the community isn't impacted too greatly. These properties are known as HomePath properties, and there are some great incentives in purchasing them. Highlights include:
  • 97% conventional financing
  • 3% down payment can be gifted/grant funds
  • No appraisal (sale price = value)
  • No PMI
  • 6% seller concession allowable over 90%
  • Investment property allows for higher LTVs
    • 90% - 1 unit
    • 80% - 2 unit
    • 75% - 3-4 unit OR if financing properties 5-10
The bottom line is that HomePath properties offer flexibility and opportunities to save some money. So, it may be worth your time to take a look at them.

Buying a home is a big decision, but even in today's markets great opportunities are available. If you want to learn more about HomePath opportunities in your area, call or email me anytime. I'm always happy to answer any questions you may have.

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