When foreclosures occur on Fannie Mae-owned properties, Fannie Mae hopes to sell those properties quickly so the community isn't impacted too greatly. These properties are known as HomePath properties, and there are some great incentives in purchasing them. Highlights include:
- 97% conventional financing
- 3% down payment can be gifted/grant funds
- No appraisal (sale price = value)
- No PMI
- 6% seller concession allowable over 90%
Investment property allows for higher LTVs
- 90% – 1 unit
- 80% – 2 unit
- 75% – 3-4 unit OR if financing properties 5-10
- Renovation program allows for same flexibility as standard purchase program
The bottom line is that HomePath properties offer flexibility and opportunities to save some money. So, it may be worth your time to take a look at them. Calll or email me for more inforation on this program.
Although we are located in Palmdale CA. We also provide financing for surrounding areas such as Lancaster CA. Acton CA. and Valencia CA.