Guest blogger Laurie Ausmus from People’s Bank has some great news for helping clients purchase bank-owned Fannie Mae properties through the HomePath Mortgage Program.
Fannie Mae works with all of its lending partners to help homeowners prevent and avoid foreclosure; however, sometimes it is unavoidable. When foreclosures occur on mortgages in which Fannie Mae is the investor, it is their goal is to sell properties in a timely manner in order to minimize the impact on the community. The HomePath Mortgage from Fannie Mae eases financing requirements to help facilitate a sale and protect home prices.
The benefits include:
• Low down payment and flexible terms for fixed-rate or adjustable-rate mortgages
• You may qualify even if your credit is less than perfect.
• Available to both owner-occupiers and investors.
• Down payment (at least 3% – primary residence, 10% – second home, 15% -investment) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer. High balance loans require additional down payment.
• No mortgage insurance.
• No appraisal.
Visit www.homepath.com to view available properties
Consult your loan officer, Laurie Ausmus for details. Consult your Realtor®, Terri Hermes if this program looks promising for you.