You heard it right:  You can buy a California home with little down and no PMI!  What's the catch?  There isn't one.  Fannie Mae is not in the business of being a landlord or property owner. Due to the housing crisis they have an inventory of foreclosed properties that they need to remove from their books.  To help facilitate this need they have designed a special loan called Homepath financing.  If you qualify you can buy a Fannie Mae owned home with little down and no mortgage insurance aka PMI.

FEATURES AND BENEFITS                                        

* Low down payment.

* You may qualify even if your credit is less than perfect.

* Available for primary residences, second homes and investment properties.

* Down payment can be funded as a gift, a grant, or a loan from a nonprofit organization, state or local government or employer.

* No mortgage insurance.*                  

* No appraisal required.

FLEXIBLE TERMS

* Adjustable rate options available.

* Interest-only options available.

* Condominiums.

* Planned unit developments (PUDs).

* Modular homes.

*Ask about cost details on loans without mortgage insurance. **Geographic and unit restrictions apply. The property must be designated on HomePath. com as eligible for HomePath financing. Programs available only to qualified borrowers. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply. HomePath is a registered trademark of Fannie Mae. 1009

Nevin's CA DRE Lic#01366552  FPF is licensed by the CA DRE Lic#00654852