Fannie Mae created special financing packages for purchasers of homes that they own and are selling. Few lenders are able to facilitate these programs. Proudly, iLoan offers both.
HomePath® Mortgage Financing
This special financing is available on Fannie Mae owned homes with the following logo:
The benefits are as follows:
● Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
● You may qualify even if your credit is less than perfect
● Available to both owner occupiers and investors
● Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
● No monthly mortgage insurance option available
● No appraisal fees
HomePath® Renovation Mortgage Financing
This special financing is available on Fannie Mae homes with the following logo:
Available only on homes you make as your primary residence and offers these benefits:
● Financing to fund both your purchase and light renovation (works much like a FHA 203K(s))
● Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
● Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
● No monthly mortgage insurance option available
If you’re considering buying a foreclosure that is owned by Fannie Mae, call us for more information on how you can use these financing packages to your advantage.
Related Articles:
- Fannie Mae Homepath Mortgage Loans…NO Appraisal, NO MI and NO Condo Certification!
- Make That Foreclosed Home your Dream Home with an FHA 203k Loan.
