Fannie Mae HomePath Mortgages, for REO properties, are working well for people looking to buy Fannie Mae homes as a primary residence. Once a home meets the right guidelines it’s eligible for HomePath financing.
Fannie Mae is offering a HomePath Mortgage program to interest more buyers to purchase forclosed homes in az. Many Fannie Mae homes in Arizona are eligible for the HomePath Mortgage program which has terms that are more agreeable to buyers and even may have some consideration for future renovations.
Homes that are eligible for Fannie Mae HomePath Mortgages will usually have this sign somewhere in the sales sheets and the remarks section on the MLS will also mention it.
Fannie Mae went a step further to take care of future customers. With their HomePath Mortgage properties they wanted to give the homeowner a chance to make an offer before investors swooped in. That means that for the first 15 days, these homes are only eligible for offers from anyone who is not an investor. This is called the First Look program.
Some features of this program include:
-no mortgage insurance
–no appraisal required-the listed sales price is the value
–no declining markets policy
–no loans under $20,000
–no more than 10 financed properties–no prepayment penalties
–down payment (of at least 3 percent) can be funded by your own savings, a gift, a grant or a loan from a nonprofit organization, state or local governement, or employer
–available to both owners occupiers and investors
–you may qualify even if you don’t have perfect credit
–low down payment and flexible mortgage terms (fixed rate, adjustable rate or interest only)
Fannie Mae HomePath Mortgages – Renovations
There is another program to consider if you are thinking of buying a home for your primary residence and it is in somewhat less than perfect condition. That program is Fannie Mae HomePath Mortgages Renovation program.
Again the remarks will mention something about the Fannie Mae HomePath Mortgage program and you should also find it in the sale sheets.
Some of the benefits of the Fannie Mae HomePath Mortgages for Renovations are:
-financing that covers not only your purchase but some light renovation
-low down payments and flexible mortgage terms (fixed rate or adjustable rate)
-no mortgage insurance
-down payment (again 3%) can be funded by your own savings, a gift, a grant or a loan from a nonprofit organization, state or local government or employer.
This market has been hard on us all and although many homes are owned by Fannie Mae, they are doing what they can to help the market and YOU! So take advantage! It’s been a lot time since I’ve seen a mortgage program this good. How many other programs promise “no appraisal, no mortgage insurance and 3% down payment”. I can’t think of one. Don’t wait!
To learn more about Fannie Mae HomePath homes for sale or to find a Fannie Mae authorized mortgage broker in Arizona contact us online or call Jason Dawson at 480.442.9809.