Buyers looking to purchase homes at a low price may want to consider a Fannie Mae REO Property. REO properties are the homes that Fannie Mae has repossessed, foreclosed directly, or that have been repossessed by a bank that Fannie Mae currently owns. Fannie Mae has recently revamped their HomePath Program in order to help sell their REO Properties.The Fannie Mae HomePath Mortgage Financing Program is specifically for borrowers purchasing Fannie Mae REO properties. The program can be used for Primary Residences, Second Homes and Investment Properties.
One of the best features with this program is the extremely low down payment requirement. In fact, these are the lowest down payment requirements currently available in the market. Primary Residences require a 3% down payment; Second Homes require a 10% down payment; and Investment Properties require a 15% down payment.
Another outstanding feature with this program is there is No Mortgage Insurance! Better yet, no appraisal is required as the value is determined by the list price. Of course, there are credit score requirements as well as other guidelines, so discuss your qualifications with a preferred HomePath Lender to know how much you can afford before looking at REO properties with your Live Urban Real Estate Agent! Search for eligible properties at http://www.HomePath.com.
Thanks to Jennifer Fairfield, Mortgage Specialist at Mountain Crest Mortgage, for all this information. She can be reached at 303-285-1607 or jennifer@mtcrest.com. Restrictions apply when getting a loan. Rates vary and subject to change.
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