FannieMae is the largest purchaser of home mortgages in the United States. Some of these mortgages end up as foreclosures. Through the Homepath Program, FannieMae allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed.
- Low down payment and flexible mortgage terms (fixed–rate, or adjustable rate,).
- Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
- No lender-requested appraisal.
- No mortgage insurance; ask me for cost details on loans without mortgage insurance.
- Expanded seller contributions for closing costs allowed.
- Available for primary residences, second homes and investment properties
Fannie Mae’s innovative First Look period contributes to neighborhood stabilization by encouraging home ownership. During this period, owner occupants, public entities, and their partners can submit offers and purchase properties without competition from investor offers.
The First Look period is typically the first 15 days a property is listed on HomePath.com. Properties within the First Look period now include a countdown clock on the property details page, which displays the number of days remaining for owner occupants and public entities to submit offers.
If the property remains available for sale after the expiration of the First Look period, investor offers may be submitted and will be considered along 3 percent minimum down payment for owner occupied purchases
If you are worried about your credit, or have questions about HomePath, FHA or VA or other type of Home Loan, please give me a call @ 775-250-4421 or email your questions to dougkaller@RenoMortgageCoach.com