Fannie Mae offers special mortgage financing on their foreclosed properties. The mortgage loan is called the Fannie Mae Homepath and has some distinct benefits to traditional mortgage loans. There are literally thousands of properties eligible for HomePath financing throughout Atlanta, the rest of Georgia, Florida, Tennessee and South Carolina.
The benefits include:
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
Investor financing available at 10% down
We have been closing a ton of HomePath Mortgage loans recently. Investors like them because Homepath is quite possibly the only loan on the market that doesn't require them to put at least 20% down. Another big benefit of Homepath Financing is that no appraisal is required. This eliminates appraisal risk, saves money and allows more transactions to close.
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