Financing a Foreclosure: Fannie Mae HomePath Program
With so many foreclosures on the market, I’ve come across homes owned by Fannie Mae that qualify for what is called the HomePath program. I had no clue what it was so I called my mortgage broker for information and checked their website.
Basically, HomePath financing offers the following…
Down payment of as little as 3%
No appraisal required
No mortgage insurance
Flexible mortgage terms
While this may be a good deal for some, my mortgage broker said to beware of the interest rates. There are lower “up-front” fees, however, you may pay a higher interest rate than with an FHA or conventional loan. Every situation varies based on income/credit scores. If you’re interested be sure to do you research!
Below is a link to their website for more information.
My mortgage broker, Brian Horeftis at Premier Nationwide Lending is an approved HomePath Broker and also guarantees the best mortage deals. Feel free t0 e-mail him at email@example.com.