Fannie Mae Homepath REOs Allow Other Financing Options

For those looking for options other than FHA, those who don’t want to pay PMI (private mortgage insurance) or those tired of having appraisals come in too low and other frustrations in today’s mortgage market, there may be another option.

The Fannie Mae Home Path program is solely for Fannie Mae REOs and foreclosures, and it offers a few things other loans don’t.

• 3% down payment – this is less than FHA
• Down payment can be gift funds or a grant or non-profit loan
• No appraisal is required – meaning the loan won’t be turned down for value issues.
• Home warranty
• 3.5% towards closing costs or appliances paid by Fannie Mae – through 6/30/10.
• No mortgage insurance.
• Does not require perfect credit.

Interested in finding a home that qualifies for Fannie Mae Home Path or a lender who can help you qualify? Please contact Christine Donovan at 714.319.9751.