If you are in the process of buying a new home here in Arizona, chances are that you are looking at least a few homes that are “banked owned”.
And if one of those banks that owns a house that you are looking at, there is a good chance that the house is approved for the Fannie Mae HomePath mortgage financing program. So whether it is ready to move in, or whether it needs a little work before you move into it — there is a HomePath mortgage program that will work for financing the home.
Fannie Mae HomePath Mortgage
- 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 required — the sales price is the value
- No declining markets policy
- No loans under $20,000
- No more than 10 financed properties
- No prepayment penalties
Fannie Mae Homepath Renovation Mortgage Highlights
- Financing to fund both your purchase and light renovation
- Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
- Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
- No mortgage insurance
So if you find yourself falling in love with a home that is currently owned by Fannie Mae, be sure to ask about the HomePath Mortgage or HomePath Renovation mortgage program – you might be surprised at how much money they can save you!
