Buying HUD Foreclosed Homes Using Fannie Mae HomePath Mortgage

Buying a foreclosed HUD home has never been easier, especially if it is a home that is a Fannie Mae foreclosed home. Over half the homes for sale that have been foreclosed are Fannie Mae repossessed homes. With this many homes for sale from Fannie Mae, Fannie Mae developed the HomePath Mortgage Financing Program.

The HomePath Mortgage Financing program provides special financing provisions for you if you are looking to purchase a Fannie Mae foreclosed or repossessed home. You may be looking to buy a home to live in with your family, or you may be a real estate investor and looking for investment opportunities. In either case, the Fannie Mae HomePath Mortgage Financing Program may fit your needs perfectly.

• Your credit does not have to be perfect to qualify. However, you must be able to logically explain what has happened to your credit, and put into place corrections to improve your credit like having gotten a new job etc.
• If you are buying the home to live in you will only need 3% down payment. This low down payment requirement is better than FHA which now requires home buyers to have 3.5% down payment.
• You have flexibilty in how you get your down payment. Your down payment can come in the form of a grant, a gift from a relative, your own funds, or a loan.
• You may not need PMI - be sure to check with your lender for conditions.
• You may not have to pay for an appraisal - be sure to check with your lender for conditions.

To find out if you can qualify for a HomePath Mortgage you need to contact a HomePath approved lender. If you want to contact a HomePath Lender, please complete the form below and we'll have a HomePath approved lender contact you.