Let's start out by stating that Homepath is a financing option only available for Homepath properties, imagine that. Homepath properties are Fannie Mae foreclosures, and eligible properties can be found on their website.
So, what's the big deal?
Here's the big deal;
low downpayments, as low as 3% with
NO PMI (that's not a misprint)
no appraisal is necessary
Homepath properties do not require owner occupancy, but the listings are often/usually offered to owner occupants first.
This is not exclusively a first time homebuyers program, but is an excellent first time homebuyers program.
Okay, so you're really not that impressed.
BONUS ALERT!!! BONUS ALERT!!!!! BONUS ALERT!!!!!
Fannie Mae is offering buyers up to 3.5 % in closing cost assistance
$1500 bonus for selling agents
on Homepath properties through December 31st.
Guidelines for the BONUS!
Only primary residences on Homepath properties will receive the 3.5% in closing cost assistance.
Only Selling Agents representing owner occupants purchasing a Homepath property will receive the $1500 bonus.
Homepath properties must close on or before December 31st, 2010, and must close within 60 days of the acceptance of the offer.
This program is worth taking a look at for
So I do think this is a big deal and
an Excellent Financing Opportunity!