If you are interested in purchasing a foreclosure, HomePath might just be the right program for you. HomePath is Fannie Mae REO brand. HomePath bundles many incentives for home buyers interested in purchasing a Fannie Mae REO. In general, most foreclosure and REOs are purchased with cash or conventional loans (20% down) because they need repairs and are sold as is. HomePath is different. A home buyer using HomePath can purchase a Fannie Mae foreclosure in the Charlotte NC real estate market with only 3% down and no PMI (private mortgage insurance usually added to monthly mortgage payments if a property is purchased with less than 20% down). Many HomePath properties also offer FHA financing. Often times, as it is currently the case until October 31th, 2011, HomePath offers to contribute to a home buyer’s closing costs up to 3.5% of the purchase price. Many Fannie Mae foreclosures are in excellent condition (still need to have a home inspection done to be on the safe side). Most HomePath properties are sold “as is”. No appraisal is required with using HomePath financing (3% down). In addition, HomePath Renovation Mortgage allows a home buyer to purchase a Fannie Mae property that requires light to moderate renovation. The loan amount would include both the funds for the purchase and the renovation (renovation costs must not exceed 35% of the “as completed value” and no more than $35,000).
Of course, one of the predominant advantages of buying a HomePath properties is that they are sold far below fair market value. To take advantage of the HomePath program, home buyers must purchase a Fannie Mae foreclosure and occupy the property has their primary residence for a period of a least one year. For me details about this program, please call us at (704) 322-3710. Click here to view all the HomePath homes for sale in the greater Charlotte real estate market.