Homepath is a program by Fannie Mae designed to get rid of their foreclosures faster. As a result they sponsor the Homepath financing where you can buy any of their properties with as little as 3% down, there is no mortgage insurance and no appraisal is required. The no appraisal requirement is huge. Not only do you save about $400 in appraisal costs but it allows you to buy the house as is with your lender requiring any small defects before closing. As usual it is strongly recommended you do an inspection before you buy so you know what you are getting into.
Right now they are even offering to pay 3.5% of purchase price towards your closing costs on select properties if you close by 10/31. For more information got to http://www.homepath.com.
One more thing, you don't have to use the homepath financing to buy a homepath home. You can still use a regular FHA, VA or conventional financing. But with these programs appraisal could become an issue if the property appraises for less or it is found that the property needs certain repairs.
We do offer the homepath or any other program if we can be of service to you.
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