Since the mortgage and real estate crisis of 2008, there have been many homes lost to foreclosure. Fannie Mae and HUD have bought many of these foreclosure homes or mortgages that have now gone to foreclosure. As a result, there are a lot of Fannie Mae foreclosed homes and HUD Homes that are up for sale creating really great home buying opportunities for those who qualify.
To help sell HUD foreclosed homes and Fannie Mae Home, Fannie Mae has set up a special mortgage financing program called: "HomePath Financing by Fannie Mae". This program is designed for you if you are looking to buy a home to live in or to purchase as an investment property.
Fannie Mae HomePath Mortgage Makes Buying A Home Easier
The Fannie Mae HomePath Mortgage can only be used to purchase a Fannie Mae or HUD Home. You may be wondering is the HomePath mortgage can be used to purchase a HUD home and the answer is yes since Fannie Mae Homes and HUD Homes are essentially the same thing.
Even though real estate investors can use HomePath Financing to purchase up to 10 properties, the program is really designed to help home buyers who plan to occupy the Fannie Mae home they hope to buy as their primary residence.
Features and Benefits of the Fannie Mae HomePath Mortgage
- No appraisal on the home is required - the home's value is based on the price negotiated by you and Fannie Mae (you must use a real estate agent to negotiate with Fannie Mae).
- Under certain conditions you may not need to pay PMI. Your lender should be able to tell you if you qualify for this benefit.
- You only have to come up with 3% down payment to qualify for the program. There are a variety of down payment assistance programs that can help you get your down payment money if you do not have it. You may also get a gift from a relative or even borrow the money. If you borrow the money, you will have to qualify based on the terms of the loan that you used to get the money.
- If you are a real estate investor you will have to put more than 3 percent down.
- This program is only available to you if you can prove your income and your assets and if you have decent to excellent credit. If you cannot prove your income, or if you have been self employed for less than 2 years the HomePath Mortgage program is not for you.
- HomePath Mortgages can come in the form of a fixed rate mortgage, an adjustable rate mortgage, or an interest only.
You must work through a Fannie Mae approved mortgage company to apply and qualify for the HomePath Mortgage. Let us know if you would like to be contacted by a HomePath Mortgage Specialist by completing the form below:
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