Fannie Mae offers some great financing options for many of their selected foreclosed homes. This conventional loan is being used to hopefully stabilize the housing market and allow for incentives to encourage the home purchase market. One of the things that make Homepath great is that there is no required appraisal. Fannie Mae has already appraised the property and the sales price is usually set below the current market value. Another perk is that Homepath has no required monthly mort-gage insurance. While the interest rates are a bit higher than average rates, the savings in the mortgage insurance makes up for it. There is also no pre-payment penalty on this type of loan. Homepath financing can be used to purchase a primary residence, a second home, or investment property. A borrower can put as little as 3% down on a property and if negotiated, Fannie Mae will pay up to 6% of a buyers closing costs on a primary residence. For an investment property the minimum down is 15% and up to 2% paid closing costs for an investment property, if negotiated. A borrower qualifies for the loan just as they normally would for any other home purchase. Look for the available homes on the website at

About the Author: Jolynn Craig

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