HomePath is a program specifically designed to finance liquidation of Fannie’s REO portfolio. Properties offered by Fannie Mae and financed through this program are eligible for financing up to 95% (only 5% down payment) with credit scores as low as 620. There is NO Appraisal, mortgage insurance & no condo warranty required for these properties. These are for owner occupied homes.
There are also opportunities for borrowers looking for investment properties- these are allowed to go to 90%, meaning the borrower has to come in with only 10% in the program. This is offered with the same waiver of appraisal, MI and condo warranty.
Since appraisals are currently the biggest issue for homebuyers this waiver of appraisal is a huge advantage. There are currently about 80 properties in Sonoma County eligible for this financing.
To see the property listings go to www.HomePath.com To discuss getting a HomePath mortgage and buying a FannieMae REO property email me at email@example.com or give me a call (707) 328-2621