fannie mae homepath property?
the property that i am about the purchase is a fannie mae homepath property and my bank told me that there aren't many banks do that so i have to with a mortgage company. so it being fannie mae good or bad? what does that mean for me -the buyer-?
- NaturesDoctorLv 59 years agoFavorite Answer
One bank is not all banks. Homepath as you know is a foreclosure program, Fannie Mae can finance you with 3% down payment. You need to check out fanniemae's website and see how to finance. Ignore your bank, banks have enough foreclosures to sell and sometimes are just ignorant. They were ignorant when they got into the real estate / mortgage mess, now they are ignorant trying to get out. If you have good credit and a down payment you should be able to get a loan.
- 9 years ago
Homepath is a pretty good mortgage option with minimal down payment, closing cost assistance and the lender will waive things like an appraisal which normally cost you money. Most mortgage banks and brokers offer these loans so try shopping around. Also if you go to the Fannie Mae website, you will find some resources.Source(s): http://www.homepath.com/financing/index.html <- Find details on the homepath website.
- 9 years ago
A Fannie Mae owned foreclosure can be purchased with a Fannie Mae Homepath loan. You can put down as little as 3% without PMI. Rates get better if you put down 5%. You don't need to get an appraisal. If you are purchasing a Fannie REO, the Homepath loan is probably the best loan for you.
I can help you with Fannie Mae Homepath financing. Message me for more info.Source(s): ****************************************… Mortgage banker for 15 years. We lend in 49 states. Concentrate on government loans - FHA / VA / USDA and first time home buyers. There is still 100% financing available in some areas and I can help you get preapproved! Real estate paralegal for 10 years prior to working in mortgages.
- Anonymous9 years ago
Very Good the Homepath Mortgage allows you to purchase a Fannie Mae-owned property with a low down payment 3% with NO mortgage insurance you will not have to buy an appraisal. Expanded seller contributions to closing costs are allowed up to 6% typically you would hae to but down 105 to get a 6% seller contribution. email@example.com