Fannie Mae’s HomePath Program

BEST CONVENTIONAL LOAN OUT THERE FOR BANK REPOS



Fannie Mae’s HomePath programs is a wonderful loan program to help home buyer get great financing on property for sale by Fannie Mae. Borrowers have the option of No Money Down or as little as 3% down payments for these homes. For investors and 2nd Homes only a 10% down payment is required. There are NO APPRISALS and the loan and NO MORTGAGE INSURANCE on these loans even without 20% down... Rates for these loans are low conventional fixed rates.


YES, NO APPRAISAL AND NO MORTGAGE INSURANCE.

Fannie Mae accepts the value of the home as it is and bases the loan amount off of the sales price. No more guess work for what the home is going to appraise for or if there are going to be any problems with the appraisal. I hope everyone understands how important this is. No Appraisal on a purchase with little or no money down is unheard of.


Most buyers who are looking for a great value in a homes look at Bank REPO’s. One major draw back to Bank REPO’s is the conditions these properties are in and the problem with the appraisals. Since Fannie Mae will be financing these homes, they are comfortable with the value and DO NOT REQUIRE AN APPRAISAL!! In today’s market not having to do an appraisal is a HUDE ADVANTAGE in buying a home.


No Mortgage Insurance for these loans is another advantage of this financing. Mortgage Insurance can add hundreds of dollars to your monthly payment. In Arizona it is almost impossible to get conventional financing with only 3% down. The reason for this is the Mortgage Insurance companies are not offering mortgage insurance for loans with less than 5% down, 95% Loan To Value Loans. Buyers of these HomePath homes will not find any better Conventional, VA, or FHA financing!!!


For those buyers who can receive a Community 2nd Mortgage, the HomePath Financing will allow a 2nd mortgage to pay all of the down payment and closing cost not to excide 105% of the sales price. Expanded interested party contributions allow up to 6% of the sales price. This makes it very affordable for buyers. Buyers can actually put no money down from their pocket and move in with 100% financing with NO MORTGAGE INSURANCE.


A list of home that Qualify for this Great Program is available at www.HomePath.com Currently in Tucson there are 156 homes for sale ranging in price from $35,500 to $319,900. In Phoenix there are 830 properties, and in Sierra Vista there are 5 properties. I am not a real estate agent but I looked at the pictures of these home and compared to the property I have see from other Bank REPO’s, these are by far nicer looking properties. This opportunity should be looked at by all buyers in today market.