How can someone buy a foreclosure with little as 3% down? The Hompath program that Fannie Mae is offering. First of all Fannie Mae wants people to buy the property and occupy it,that is why the first 15 days that they offer a foreclosure for sale it is only for owners who occupy the property. With the Homepath Â program it is 3% down ,that is a lesser amount down than what FHA requires. Another great thing about this program that there is no appraisal, so if the property needs minor work that a buyer can do it them self. Another thing about the appraisal is that if a property needs Â repairs ,that work needs to be done before closing or that Bank wonâ€™t finance the property but not with the Homepath Program.. One of the last best thing about this program is that there are no PMI which saves the Buyer a few hundred dollars a month in their mortgage payment.
Realty Executives Midwest
What is an REO property. REO means real estate own, This is when a propertyÂ has gone thru the foreclosure process and the bank has taken the property back.On these properties the bank whats a fast sale so they price them below market.