Fannie Mae HomePath Program allows you to buy a Foreclosure on the cheap
A new purchase program for home buyers is now available. The increased inventory of homes that have been foreclosed on in the last several years has resulted in Fannie Mae holding more and more properties. Fannie Mae has now devised a program to make it easier and cheaper for home buyers to purchase a home owned by Fannie Mae. This program is the HomePath program. The HomePath program is a low down payment program that has no appraisal requirement and no mortgage insurance. The absence of the mortgage insurance requirement coupled with the low down payment requirement makes this one of the least expensive ways to finance a home purchase in today's market.
HomePath mortgage financing benefits include:
Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
You may qualify even if your credit is less than perfect
Available to both owner occupiers and investors
Down payment (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 government, or employer
No mortgage insurance
No appraisal fees
No declining markets policy
No more than 10 financed properties
No prepayment penalties
To find a list of Fannie Mae owned properties in your area visit http://www.homepath.com/.