In an effort to reduce the inventory of foreclosures that they have on their books, Fannie Mae has introduced a program called HomePath. The program offers homes that Fannie Mae was an investor that have gone into foreclosure, deed in lieu of foreclosure, or forfeiture.
If you buy a home through HomePath, in addition to a great buy, there are some great incentives such as:
- No appraisal needed
- No PMI (Private Mortgage Insurance)
- As little as 3% down on primary residences and 5% down on second homes and investment properties
- Credit scores as low as 660
- 3.5% incentive to be used towards closing costs and/or new Whirlpool appliances. (incentive applies only to owner occupied properties)
This program is only available through June 30, 2010 so you would have to sign a contract and close by then to be eligible. For more information and to search for available properties, click on the HomePath link above, or visit www.HomePath.com.
- The Fed Raised Rates, What Does This Mean For Mortgage Rates?
- The Housing and Affordability Plan
- Understanding the Home Buyer Tax Credit
- When Will Your Home’s Value Return to “Normal”?
Gregg Harris has written 16 articles on LenderCity
