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.

http://www.homepath.com/financing/index.html

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 bhoreftis@pnlending.com.