EDITORS NOTE: Fannie Mae is no longer offering the FannieMae HomePath mortgage program. If you are considering buying a Fannie Mae HomePath property (foreclosure that is owned by Fannie Mae) in Washington state, I’m happy to help you.
Fannie Mae’s HomePath program is available to purchase qualified foreclosed homes (owned by Fannie Mae) with expanded conventional guidelines, competitive mortgage rates and often times, with special incentives.
Here is some basic information about this program created to purchase Fannie Mae foreclosed homes:
- Property must be eligible. You can find qualified Fannie Mae HomePath properties by clicking here.
- Available for owner occupied, second homes or investment properties.
- Available for single family dwellings, PUDs and condos.
- As little as 3% down payment for owner occupied homes.
- Appraisals are not required (if there is no private mortgage insurance). The property value is determined by the contract price.
- No private mortgage insurance if your credit score is 660 or higher.
- Available with High Balance Conforming loan limits. In King, Pierce and Snohomish Counties, the current high balance loan limit for a single family dwelling is $506,000 (as of the last update for this post).
- Available for non-owner occupied purchases with no pmi and no appraisal with as little as 10% down payment!
- Non-occupant co-borrowers allowed with 5% down or more.
- Seller contributions allowed towards closing cost and prepaids of up to 6% for loan to values greater than 75% with owner occupied/second homes and up to 2% for investment properties.
- Gift funds for down payment allowed with loan to values greater than 95%.
- Eligible Fannie Mae Homepath condos have less guideline requirements than non-Homepath condos with regards to project eligibilty.
Mortgage rates are very competitive for this program.
We are very pleased to offer Fannie Mae Homepath mortgages at Mortgage Master Service Corporation on homes located anywhere in Washington state. For a quote or to apply, please click one of the links above.
Post last updated 10/31/2012