Fannie Mae Home Path mortgages offer low down payment with no mortgage insurance, including investment property. These loans are available only for properties that are Fannie Mae Foreclosures. They do not require private mortgage insurance, they only require a 3% downpayment if you will be occupying the property. There’s NO appraisal required. The downpayment can be a GIFT… and there’s also a Renovation Loan available through this program!
Investors can purchase these properties AFTER the First Look period for only 15% downpayment. Fannie Mae’s First Look is designed to provide neighborhood stabilizing entities, meaning owner occupants, non-profits and similar organizations, an opportunity to bid “first” on the Fannie Mae foreclosed homes… typically this applies to the first 15 days a property is listed on the HomePath.com website.
Check out this link to the HomePath website to look for homes that qualify for this type of financing
Wake County Foreclosed Homes for Sale
Johnston County Foreclosed Homes for Sale
Franklin County Foreclosed Homes for Sale
Durham County Foreclosed Homes for Sale
Orange County Foreclosed Homes for Sale
Pitt County Foreclosed Homes for Sale
Mecklenburg County Foreclosed Homes for Sale
Again, this is a MUCH cheaper program than FHA, and has NO PMI requirements. If you have a child in college – this could be the best housing opportunity for you! The minimum credit score for this program is 660.
You might want to read their FAQ’s because it does not appear that Fannie is fixing everything in the house (which is why the RENOVATION loan is so important!)
If you have questions about purchasing a Fannie Mae Foreclosed home – call us! We offer this program all across North Carolina! Steve and Eleanor Thorne 919-649-5058