I love HomePath and so should you.  HomePath is simply a branding for homes that Fannie Mae has for sale.  Obviously, these are foreclosures and can represent a great opportunity for first time home buyers, move up buyers, or investors.  The types of homes that are available range from condos and townhomes to typical single family residences.

HomePath properties are eligible for HomePath financing. If you are purchasing the property as a primary residence, you can put down as little as 3%, there is no appraisal required, and last but not least, there is no private mortgage insurance (PMI).  Rates are higher but the advantage of no PMI is well worth it.  If you are purchasing a HomePath property as an investment property, you can put down as little as 10%.  As most investors know, cash is king.  Keeping money in your pocket for most investors is very important.

All of Fannie Mae’s properties are listed at www.homepath.com .  You can search by zip code, town, state, price, and number of bedrooms and baths.  I highly encourage you to visit the website if you are in the market to purchase a new home or investment property.  There are awesome deals to be had by all.  Also, you need to pay attention to the logos  that will be represented below each property.  HomePath has two logos pertaining to their homes.  They are HomePath Eligible and HomePath Renovation Eligible.  If the property has both logos, then the home is available for each type of loan.  HomePath Renovation loans will be addressed in future blog posts.

When you place an offer to purchase a Fannie Mae home, they will require you to submit a Pre Approval letter from an approved lender.  It is very important that you deal with a lender who is familiar with this program and is aware of the inner workings of the transaction.  As always, I look forward to serving you.

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