For those investors and homeowners interested in purchasing a Fannie Mae-owned home, there are some financing and incentives to be aware of.

“Fannie Mae recently announced that people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances. The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1.

Properties eligible for this incentive are listed on HomePath.com and most listings include detailed property descriptions; photographs; community and school information; and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers home buyers an opportunity to purchase with as little as 3 percent down.”

Real Estate investors as well as those purchasing with the intention of living in the property can buy a designated HomePath home; however, the financing options may only be available to those that intend to occupy the property. Be sure to ask your lender about details.

In addition, as noted on the Fannie Mae HomePath website, there is special financing available. This is, no doubt, offered as an incentive to clear their inventory of homes. Some of the benefits of the special financing are:

  • Low Down Payments
  • Flexible Loan Terms
  • Less-than-perfect credit – OK
  • 3% Down payment requirement can be a gift, grant or other source
  • No mortgage insurance is required

In addition to this financing, there is also a plan for Renovation Mortgage Financing which includes:

  • Funds for the purchase and renovation of the home;
  • Low down payments
  • Flexible Loan Terms
  • No Mortgage Insurance

For more financing information, visit the HomePath Site

Currently, there are 156 Homes available with this program in Orange County Real Estate.

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