Homepath Properties
Properties owned by Fannie Mae are usually available for Homepath financing. Note that individual lenders may have minor variations on the following:
Features:
- 10% down payment (as opposed to 25% which is typical).
- Financing is available for condos, town homes, high rises and single family homes.
- Fannie Mae offers a two year home warranty.
- Typically, Fannie Mae will contribute 3.5% of the purchase price towards your closing costs OR/AND you can get appliances included as part of the seller contribution.
- The down payment can be funded by your own savings or a gift.
- No mortgage insurance.
- No appraisal so the offer amount is the actual price.
- Fast close (20 days is typical).
Considerations:
- Not all lenders offer Homepath and you must have a Homepath pre-approval.
- Homepath only applies to Fannie Mae owned properties and there are not a lot of these properties.
- I believe that the rate might be slightly higher due to not having to pay mortgage insurance.
Contact me if you are considering buying or selling Las Vegas real estate. You will be glad you did.
...Eric
Eric Fernwood
RE/MAX CENTRAL
8400 W. Sahara Ave
Las Vegas NV 89117
Email: EricFernwood@gmail.com
Website: www.EricFernwood.com
Investment Blog: Blog
YouTube Channel: YouTube Channel
Cell: 702-358-8884
Fax: 702-202-2020
© 2010, 2011 Eric Fernwood. All rights reserved.
