Fannie Mae HomePath Loans Rock!
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Looking For A Great Deal On A Florida Foreclosure?
One of the best choices you could make to purchase and finance a Florida foreclosure is the Fannie Mae HomePath program. Fannie Mae markets their own Florida foreclosures using the HomePath brand name. You can access these listings through your local Real Estate Agent, or directly at the Fannie Mae HomePath website located at: www.HomePath.com .
Fannie Mae HomePath properties are also eligible for special HomePath Financing that can add even more value to your Florida foreclosure purchase. HomePath financing has several advantages over a traditional Florida home loan:
- Buyers using special HomePath financing can purchase a home with as little as 3% down.
- Unlike traditional Fannie Mae Conventional financing or FHA financing, a low down payment HomePath mortgage doesn’t require “mortgage insurance”.
- Fannie Mae HomePath Financing can be used to purchase an investment property with only 15% down.
- A Fannie Mae HomePath property and mortgage doesn’t require a property appraisal.
- HomePath Financing allows for a 6% seller concession, while Fannie Mae Conventional financing only allows 3% on loans with less than 20% down. Currently, FHA financing allows for 6%, but that is likely to change to 3% in the near future.
If you want to repair, upgrade, or remodel your HomePath foreclosure, certain properties have been designated to be eligible for a Fannie Mae HomePath Renovation Loan. This special Florida home loan allows a buyer to purchase a HomePath foreclosure and finance the renovation into their mortgage. Properties that are eligible for HomePath Renovation Financing feature the “Renovation Logo” above on Fannie Mae’s website.
The Fannie Mae HomePath program is a perfect one/two punch to get a terrific deal on a Florida foreclosure and finance it with the perfect Florida home loan.
Harvey Collier and First Trust Mortgage are approved Fannie Mae HomePath lenders. Contact Harvey Collier today with all your HomePath inquiries.
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