Fannie Mae Homepath – Great Way To Purchase REO Properties In Michigan
The Fannie Mae Homepath Program Continues To Be A Popular Option With No Appraisal Required
The appraisal process continues to cause the housing industry fits, especially when it comes to new Purchase transactions. Bank owned homes also have their own unique set of challenges that are associated with them.
With that being said, Fannie Mae has come up with a great option for a quick and somewhat “painfree” closing for bank-owned (REO) properties.
What is the Fannie Mae Homepath Program?
The highlights of the Fannie Mae Homepath program are:
The first 15 days the home is on the market a primary residence buyer does not have to compete with those who are looking to purchase it as an investment property
There is NO Appraisal needed
There is NO PMI (Private Mortgage Insurance) needed
Condo’s are easier to finance than regular conventional loans (less documentation)
Fannie Mae Homepath For Primary Residence:
3% Down Payment
Gifts are acceptable
Seller concessions up to 6% available
Fannie Mae Homepath For Investment Property:
You can put as little as 10% down
Seller concessions up to 2% available
Where Can I Find Fannie Mae Homepath Properties In Michigan?
Homepath.com is the official website for Fannie Mae Homepath where you can search for properties that are eligible for the program in Michigan.
First Commerce Financial - Mortgage Broker in Southeast Michigan