How the Homepath program works:
Fannie Mae, the agency sponsored by the U.S. government to help make housing more affordable to all Americans, now offers HomePath, a special new home loan to finance the sale of its current real estate owned [REO], (Bank Owned/Foreclosed) homes across the country.
Here are the key benefits of a HomePath Mortgage Loan:
_ Only 3% down required on a primary residence property
_ No mortgage insurance required
_ No property appraisal required
_ Only 10% down on 1-2 unit investment properties
_ Get up to 6% in seller concessions on primary residence properties
What is the First Look Program?
In Florida, the First Look period is typically the first 15 days a property is listed on HomePath.com, Properties within the First Look period include a countdown clock on the property details page, which displays the number of days remaining for negotiation with eligible purchasers. This gives a homeowner who is purchasing a property as a primary residence the “First Opportunity” to purchase a Fannie Mae house.
Investor offers can only be submitted after the 15 day expiration of the First Look period.
For a list of qualified Homepath foreclosed homes for sale in the Tampa Bay area, send an email to Rae Catanese, Realtor Prudential Tropical Realty