Fannie Mae offers special financing for homes that they have taken back in the foreclosure process and are re-selling on the market. This special financing is called Hompath. Fannie Mae just announced it will offer up to 3.5% in closing cost assistance on Fannie Mae owned Homepath properties. This is a very generous offer and can allow home buyers to buy a Fannie Mae Homepath property without having to pay any closing costs. This benefit is only for buyers who will occupy the property as their primary residence; this benefit does not apply to investors.
To qualify, the buyer’s initial offering on the Homepath property must be submitted on or after April 11 and the sale must close by June 30.
Remember, you can only get Fannie Homepath financing on homes that are owned by Fannie Mae. Your Realtor can help you find these properties as it will say the property is eligible for Homepath financing in the property listing.
Here are some of the benefits of Homepath financing in California:
- Only 5% down is required
- Homepath mortgage does NOT require mortgage insurance
- Fannie Homepath loans do not require appraisals
- Homepath mortgage is available on condos, townhomes and single family homes
- There are thousands of Fannie Homepath eligible properties throughout the state of CA
So don’t hesitate to give us a call at 858-922-7899 or email at email@example.com if you have any questions about getting approved for a Homepath mortgage in California.
Sr. Loan Officer (and FHA, VA, conventional, Homepath specialist)