Fannie Mae Scratch and Dent Overstock Sale - HomePath Renovation Mortgage Financing For Well Qualified Buyers!
Fannie Mae's portfolio of homes is bulging with inventory, ready to sell at drastically reduced prices. No reasonable offer refused. For well qualified home buyers there is even special financing for Fannie Mae REO's, that need anything from a little TLC to an overhaul. No problem if the house needs work since Fannie Mae has the solution through HomePath Renovation mortgage financing.
The HomePath Renovation Loan Program offers home buyers, move-up buyers, and investors (yes now even investors):
One loan to purchase the house and establish a repair renovation budget
No monthly mortgage insurance premiums
No up-front mortgage insurance premiums
Down payments as low as 3% of the combined purchase price and renovation budget
Down payment can be gifted
Seller can contribute up to 6% of the purchase price toward closing costs
Most Property Types Allowed
That's right not only can you buy a house at unbelievably low prices but you can create a renovation budget to make repairs to the property after settlement. So if you are in the market for a $9,000 smoking hot single family steal in Phoenix Arizona or a $609,000 luxury condo with an ocean view from the 28th floor in sunny San Diego California that will surely make your friends jealous, Fannie Mae has a property with your name on it and will even allow you to finance up to $35,000 in repairs that can be made post-settlement.
Why is Fannie Mae being so aggressive? Well there were over 1 million foreclosures in 2010 and 1.2 million foreclosures anticipated in 2011 and Fannie Mae has a large inventory of foreclosed homes that they need to move. Fannie Mae has more inventory than Bank of America/Countrywide, Wells Fargo, Chase, HUD, VA; you name it they are number one in this category. So they got to move these houses off the lots to make room for new shipment arriving daily. Further, Fannie Mae knows the conditions of these houses in many cases wouldn't meet their own conventional financing or the mortgage insurance companies appraisal guidelines. So the only way that they can be financed is through the HomePath and HomePath Renovation mortgage financing.
All joking aside if you are a Listing Agent with a Fannie Mae REO that is either qualified or mandated to use the HomePath Renovation mortgage financingmake sure that you list the name of a good HomePath Renovation Loan Specialist in the comment section of your Listing. This will make it easier for the house to be financed and as often is the case these days provide the buyer with an option other than a FHA 203k loan, which is perceived by many consumers and real estate professionals alike as the only renovation loan program currently available.
To learn more about your renovation loan financing options using HomePath Renovation mortgage financing go to www.homepath-renovation.com or email me at firstname.lastname@example.org. I also offer the FHA 203k and HomeStyle Renovation Loan. I am approved to lend nationwide and can be reached at (866) 552-5912.