The new Fannie Mae HomePath Program offers opportunities in the marketplace for those buyers that are looking to purchase a foreclosed home. Doing so may provide a great deal for buyers or investors that are prepared to rehab a home.
Here are some features of this new program:
• Buyers may qualify even if their credit is less than perfect.
• The program is available to owner-occupiers and investors.
• Down payment (at least 3%) can be funded by your own savings, a gift, a grant, or a loan from a non-profit organization, state or local government, or employer.
• No mortgage insurance.
• No appraisal fees.
• HomePath Renovation mortgage may also be available.
• Fannie Mae may agree to pay up to 6% towards closing costs.
Homebuyers that find the prospect of attaining rehab financing to be daunting should consider Cleveland Action to Support Housing (CASH). This innovative non-profit has a thirty-year track record of helping to provide low-interest rehab loans to both homebuyers and investors in Cleveland.
Currently, CASH is offering a 2.64% rate on rehab loans! Not only is such a rate virtually impossible to beat, it also offers buyers a chance to build up equity more quickly in their home, and to save thousands of dollars in interest payments.
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