Fannie Mae Foreclosures

First in order to not speak in Realtoreez (spelling?) lets explain what Fannie Mae is. Fannie Mae refers to the federally chartered company, the Federal National Mortgage Association, which is the nation’s largest supplier of home mortgage funds. You probably already know that Fannie Mae purchased a lot of loans that are now called bad paper, in other words the homeowner for a variety of reassons stopped making payment, the house was foreclosed on and Fannie Mae now owns the house and finally after what seems a long time have decided to do something about selling these homes. In Marion county alone there approximately 159 Fannie Mae owned homes for sale ranging from $6500.00 to $259,900 and more on the way, so Fannie Mae has decided to take action. If you are a first time buyer you can purchase one of these homes for 3% down payment, below are the basic guidelines.

HomePath® Mortgage Financing
This special financing is available on Fannie Mae homes with the following logo:
The benefits include:
Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
You may qualify even if your credit is less than perfect
Available to both owner occupiers and investors
Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
No mortgage insurance*
No appraisal fees
Also eligible for HomePath Renovation Mortgage (see details below)
HomePath Mortgage financing is available from a variety of lenders - both local and national.

HomePath® Renovation Mortgage Financing
This special financing is available on Fannie Mae homes with the following logo:
Available only on homes you make your primary residence and offers these benefits:
Financing to fund both your purchase and light renovation
Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
No mortgage insurance*
HomePath Renovation Mortgage financing is available from several lenders.

If you're an investor interested in renovating a property, you may qualify for financing under our HomeStyle® Renovation Mortgage product. Most HomePath Renovation lenders also offer our HomeStyle Renovation product, but there are many other lenders as well. For more information, contact your preferred lender.
* Ask your lender for cost details on loans without mortgage insurance.

I have my lender looking into the precisely what the guidelines for investors are and will post that on Monday.

Have a good weekend,

Dan Baize