AZ Mortgage Question of the Day: Can an investor buy a property from Fannie Mae and then sell it to a new buyer using HomePath financing?
Sorry. The answer is No.
Fannie Mae properties are offered with special financing called HomePath financing. This allows for a buyer to purchase the home directly from Fannie Mae and take advantage of the perks of the HomePath financing.
In this case the client was purchasing an investment property. On investment properties, HomePath allows for a minimum 10% down payment and NO monthly mortgage insurance requirement!
Most HomePath properties are designated that way due to condition issues. The HomePath financing does not require a property appraisal so any condition issues are not relevant to qualifying.
Fannie Mae also have a special incentive running now offering 3.5% closing costs assistance through 6/30/2011.
You can find out more about HomePath properties at www.homepath.com and about the special incentive at www.homepath.com/incentive/index.html
Having a dream is good, owning one is better!
Leslie Nilsen, Owner
First Class Financial Services, proudly mortgage lending since 1999!
AZDFI Loan Officer # LO-0911453