CathyWilson.com - Meeting Real Estate Needs SimplyHomePath Mortgages
Program for Fannie Mae Sold Properties that had been foreclosed and repossessed
- You'll need earnest money when make the offer and 3% down.
- Must use HomePath authorized lender.
- Eligible properties are listed in Fannie Mae's HomePath database.
- You may work with Realtor to make offer.
- Two types available, HomePath and HomePath Renovation Mortgage.
- Appraisal required for HomePath Renovation Mortgage.
- Submit earnest money with an offer. Earnest money will go towards down payment.
- Hire professional home inspector within 10 days of offer acceptance. Fannie Mae sells as is only so 10 day inspection period is important.
- Lender needs to confirm they'll lend money for purchase.
- 3% down source has limitations. It cannot be borrowed from a commercial lender.
- Above is general information and home buyer needs to contact Fannie Mae and lender for up to date accurate information which may vary from the above general outline.