Special Mortgage Financing Available on Fannie Mae Foreclosures
The discounts available right now on Fannie Mae foreclosed properties are incredible. Making the opportunity even
more appealing is the availability of Fannie Mae HomePath Mortgage financing and Fannie Mae HomePath Renovation financing.
Renovation financing allows a buyer to roll the cost of fixing up a property into their mortgage.
Below are the highlights of both programs lifted directly from www.HomePath.com.
If you need a referral to a lender who does this type of financing, contact me today.
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. Expanded seller contributions to closing costs are allowed.
Benefits to You, the Borrower
- 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 lender-requested appraisal.
- No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
- Expanded seller contributions for closing costs allowed.
- Available for primary residences, second homes and investment properties.
- Many condo project requirements are waived; ask your lender for details.
- For more information, contact a HomePath Mortgage lender or click here for the Home Buyers Guide.
HomePath Renovation Mortgage allows a borrower to purchase a property that requires light to moderate renovation. The one loan amount includes both the funds for
the purchase and renovation – up to 35% of the as completed value, no more than $35,000.
Benefits to You, the Borrower
- Low down payment and flexible mortgage terms (fixed- rate or adjustable-rate).
- 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. - Renovation amount based on appraisal “as completed” value.
- No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
- Expanded seller contributions for closing costs allowed.
- Available for primary residences, second homes, and investment properties.
- Many condo project requirements are waived; ask your lender for details.
For more info email me at Chris@TheMcAllisterTeam.com.
