The FannieMae HomePath Loan is a unique mortgage product that can be used by buyers to purchase Fannie Mae foreclosure homes. This loan is one of the most powerful products on the market today, allowing for a down payment as low as only 3% and NO Mortgage Insurance! Add the fact that most FannieMae foreclosures sell for 50-75 cents on the dollar and you have a recipe for success and equity!
HomePath Loan: Pros
• Down payment as low as 3% (of the purchase price).
• ZERO mortgage insurance required.
• Appraisal is already done.
• Seller contribution to closing costs are allowed.
• Second home and investment properties are eligible.
HomePath Loan: Cons
• Only applicable on Fannie Mae foreclosure properties (see www.homepath.com).
• The market for these homes can be very competitive. The fantastic loan terms combined with the popular location generates lots of offers.
Your "Project Coach™" will walk you through the process step-by-step to determine if this loan is for you. It is the most affordable product on the market today with the absolute best terms for the right customer. When you can get these terms and NOT pay mortgage insurance, it is very hard to beat. Call today and find out if this loan is right for you!