Fannie Mae to the rescue! So many buyers are ready to get into this housing market but because of the recession, do not have the traditional 20% or more down payment. Fannie Mae has a program called HomePath. This allows first time home buyers (not purchased within the last 2 years) to buy a HomePath approved home with only 3% down payment. 3% is a heck of a lot easier to come by these days. In fact, even the seller (Fannie Mae) can contribute upto 6% towards closing costs. So, total out of pocket expenses are just about 3%.
This opens the doors to many buyers that were skeptical of their ability to purchase. Now, your next question is going to be: what about condo, townhome and single family? Yes, it is true that normal FHA financing will not allow you to purchase most condo properties. Unless they are FHA approved, which most are not. HomePath mortgages for HomePath approved properties do not have the same contingency. Any property that is listed as HomePath financing approved can be purchased with a HomePath mortgage, whether it is a condo, townhome or single family home!
Your next question is: what about appraisal contingencies? For those of you that have been making offers already using traditional financing or FHA financing, one of the biggest hurdles can be appraisal values. Well, HomePath to the rescue again! No appraisal contingencies when using a HomePath loan on a HomePath property.
So, now is your chance to get a great deal and find your first home without a large down payment. Ask Galleon Real Estate how we can help find the right property that meets your financial goals. We are sure to give you an honest and helpful answer. Best of luck with your searching and be sure to use these links below to read more about HomePath and how it can help you find a property with a low down payment.
Check out the link below if your ready to buy a home with no down payment.
Danny Barto is an innovative Broker. Devoted to the ultimate customer service by merging simplistic technology and a good old fashioned handshake.