Plainfield, IL -- (SBWIRE) -- 02/06/2013 -- Fannie Mae recently expanded its HomePath Mortgage product, throughout the nation and Chicagoland, to assist more home buyers and investors in purchasing Fannie Mae owned properties. It allows investors and individuals to finance up to 20 properties using HomePath Mortgage, with flexible lending terms. Buyers may choose to finance through any lender, such as a local bank, credit union or other financial institution.
HomePath financing is available only on Fannie Mae-owned properties and is available for move-in ready properties to both owner occupants and investors. This Fannie Mae product offers low down payments, flexible mortgage terms, no mortgage insurance, expanded seller contributions, and more.
Some Fannie Mae properties receive repairs and improvements before they enter the market. This gives the seller an advantage within a highly competitive buyers market. In addition, the HomePath Renovation Mortgage provides funds to purchase and to renovate a Fannie Mae property in one final loan. Any renovations, repairs or improvements to Fannie Mae properties must be completed by a Fannie Mae Approved Contractor.
“To protect brokers, investors, and home owners Fannie Mae establishes stringent standards for its approved contractors,” says Sherman Neal former Vice Present of Bank of Montreal and Principal Owner of Aspire Ventures general contracting company and Fannie Mae approved contractor. “Understandably, brokers, investors, and home buyers want their property to be renovated by proven professionals, quickly within a highly organized process.”
About The National Association of Realtors
The National Association of Realtors supports the expansion of financing opportunities for investors as a way to accelerate purchase of REO properties. However, Fannie Mae’s HomePath program offers owner occupants (homebuyers who will live in the home as their primary residence) an exclusive "first look" at newly listed foreclosed properties. During the First LookTM marketing period, intended owner occupants are able to make an offer and purchase a HomePath home without competition from investors.
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