Green Bay Mortgage News

Fannie Mae Home Path - Green Bay Wisconsin

Why would you purchase a foreclosure versus any other regular property available on the market?  It's simple, these properties are priced to sell.  Granted, they may need a little work, but the end result is typically a property with instant equity.

Fannie Mae has special financing for the foreclosed properties, called Home Path.  You can see what's available in your area at www.homepath.com .  Home Path allows a borrower to purchase a Fannie Mae owned property with a low down payment, flexible mortgage terms, no lender requested appraisal and no mortgage insurance.  Expanded seller contributions to closing costs are allowed as well.

Benefits to You, the Borrower:

• Low down payment and flexible mortgage terms.  (Typically 3-5% down for owner occupied single family residence, and 10% down for investors on a single family residence.  10% down for 2-4 unit properties that are owner occupied and 15% down for investors on 2-4 unit properties.)
• Down payment can be funded by the borrower's own savings; a gift, or a loan from a nonprofit organization, state or local government, or employer.
• No appraisal.
• No mortgage insurance.  (PMI)
• Available for primary residence, second homes and investment properties.
• Home Path allows Investors to have up to 10 financed properties.

To sum it up, you can put only 3-5% down and purchase a Fannie Mae foreclosure with NO PMI & NO Appraisal Needed.  Some of these properties are in a distressed condition that will not pass a appraisal.  We understand this and hence the reason this program is available.