The Home Path loan program is specifically for residential properties that have mortgages "owned" by Fannie Mae. These properties have been foreclosed on and are now owned by Fannie Mae. The property is now an REO (real estate owned).
The Home Path program is available for owner occupied properties or Investor owned (non-owner occupied) properties.
There is a "Home Path Renovation" program for properties that need repairs to bring them into acceptable condition.
One can determine if a property is qualified for this loan program by checking on theÂ http://www.HomePath.comÂ website. There you can search for a particular property or get a list of available properties in your city or zip code. If a property is not listed, it is not eligible for the Home Path program. The list changes frequently as more properties become REO's and existing properties sale.
These properties will not need an appraisal, the selling price is accepted as the value. This saves you $400 to $550 for an appraisal and could speed up the purchase process as well.
For the buyer who plans to occupy the property Â you only need 5% down payment. For an investor the minimum down payment is 10%.
Additionally there is a program for owner occupied properties for up to 97% financing and the 3% down payment can come as a gift or unsecured loan.
Contact me for further information about how this program or other programs may benefit you in your quest for home ownership.