Financing for Fannie Mae Foreclosed Properties

I have been seeing a lot of listings come up that read “approved for Homepath financing” and thought we could all use an explanation of what that means.  A “Homepath” home is a property that is owned by/repossesed by Fannie Mae.  “Homepath” is thier mortgage financing company/name.  This mortgage allows you to buy the specific property with as little as 3% down for an owner occupied property and they are allowing investor purchases with only 10% down. The properties have to be identified as “Homepath approved” in order to get this financing. In the case that there is renovation work that needs to be done, there is also a renovation mortgage option that allows you to finance some repair into the loan. Not all lenders are able to work with this loan, check the Homepath site for elligible lenders.

July 17, 2009 · Filed Under First time home buyers, Real Estate Edu

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