Fannie Mae's HomePath Provides Special Financing on Foreclosed Properties

Fannie Mae has gotten into the foreclosure game with a program called Homepath. The program provides special financing on select foreclosed properties from certain lenders.  Fannie Mae has set up a website at homepath.com where it lists properties that are participating in the program. I checked Massachusetts and there were hundreds of condos and houses available.

The benefits of the program are:

  • Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
  • You may qualify even if your credit is less than perfect
  • Available to both owner occupiers and investors
  • Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
  • No mortgage insurance*
  • No appraisal fees
  • Also eligible for HomePath Renovation Mortgage (see details below)
  • HomePath Mortgage financing is available from a variety of lenders - both local and national.

Find lenders with the best mortgage rates and find out more about a HomePath® Mortgage by checking lenders on the BestCashCow mortgage rate tables.

Sam Cass
Sam Cass: Sam Cass, MBA, JD, University of Texas at Austin. Always a fan of Leonardo Da Vinci.

Comments

  • Anonymous

    December 25, 2009

    HomePath is financing that's available on Fannie Mae-owned properties, not properties that are offered by some lenders. If Fannie Mae is the investor in a property that goes into foreclosure, then Fannie Mae owns the property. They sell their properties through traditional retail channels -- all Fannie Mae-owned properties that are listed for sale can be found at www.homepath.com. As for the financing, Fannie Mae offers two types -- HomePath Mortgage and HomePath Renovation Mortgage. Properties eligible for this financing can be identified by looking at the property at homepath.com -- if it has a "HomePath Mortgage" or "HomePath Renovation Mortgage" logo next to it, it's eligible for financing. There are a number of lenders across the country who offer HomePath financing -- a list can be found at homepath.com under the "Financing" tab.

  • «
  • Page 1 of 1
  • »
Add your Comment

Featured - 30 Year Fixed Mortgage Rates 2019

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
Rocket Mortgage
NMLS ID: 3030
4.875% 4.875% 0.00 $0 $1,324 Learn More
Quicken Loans NMLS #3030
NMLS ID: 3030
5.250% 5.250% 0.00 $0 $1,381 Learn More
AimLoan.com NMLS#2890
NMLS ID: 2890
License#: MC-3098
3.905% 3.875% 0.38 $900 $1,176 Learn More