A program called Homepath is where Fannie Mae is frantically trying to dump their overwhelming inventory! In order for Fannie Mae to get this surplus of REO inventory off their books they have created Homepath.com, which lists each home currently in the inventory that are ready for sale. These homes are being sold for sometimes half of the estimated tax value (Huge Built in Equity).
With creative financing a home buyer can receive the following benefits:
Fannie Mae requires 3% down (which may be paid for by my $7,500 free grant) = 100% Financing
Buy a Fannie Mae Homepath Home= "NO PMI"
Since property is already owned by Fannie Mae= No Appraisal Required
Listing agent usually pays for closing costs up to 3.5%= Borrower Pays NO Closing Costs Out of Pocket
Fannie Mae requires a 660 credit score for a 90-97% LTV (loan to value) but with less than a 90% LTV, they accept a 620 score. Also please note, I offer additional 100% financing programs with 620 credit scoes.
Buyers Agents are given extra bonuses to sell the property! (Agents what are you waiting for?)
Fannie Mae allows HOA delinquencies and does not require Condo or PUD pprovals. (a unique and rare waiver which other programs do not offer)
I am cofident that if buyers knew about these bargain properties and this outstanding loan program, they would pack their bags and move tommorrow!
If listing agents want to qualify to sell these properties for Fannie Mae go to Listing Agents for Homepath.
Homepath homes are initially offered only to owner occupants for a certain period (typically 15 days), this period of time is tracked on the website and is called "FirstLook". If there are no contracts offered by owner occupants within this 15-day period, buyers for 2nd Homes and Investors are allowed to submit contracts.
Many of the Big banks such as Bank of America & Suntrust are not eligible to offer these special loans on the Homepath properties. According to a Fannie Mae associate, "there are very few lenders approved by Fannie Mae to process these Homepath loans, it is a goldmine for all involved".
In fact, there are only a select few lenders allowed to administer these loans due to the importance of these transactions being completed properly for Fannie Mae.
My Bank has the authorization to process and close these loans; and we perform all the work in-house which results in reliable and quick settlements.
Please email me at email@example.com or call my cell 301-943-1049, and I will educate you on the homepath program and various other 100% financing programs I offer!