A Homepath is a great type of mortgage brought to you by our good friends at Fannie Mae!
Homepath is Fannie's way of trying to sell off homes that they own and they make a pretty sweet deal, at least through October 21st any way.
Here's the deal, with at least a 660 mid FICO score you can:
Purchase one of their homes for just 3% down.
No Mortgage insurance.
No formal appraisal.
Through October 21st they will give you up to 3.5% of the sale price in closing costs.
The down side: You will get an interest rate approximately 1% over market. If you do the math it still works in your favor.
So ask your Realtor about Homepath homes in your price range and geographic area, you could find a great deal.
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