Fannie Mae, the giant mortgage lender that was taken over by the government last year, is awash with foreclosed property that it needs to liquidate. It has announced a new loan program for foreclosed homes that it owns that has some unique features:
- Homes are listed at a price designed to result in a quick sale.
- Many homes are in excellent condition and require little or no work.
- Low down payment of 3%
- Up to 3.5% closing cost help from Fannie Mae
- No appraisal required.
- No mortgage Insurance.
- The contract price is negotiable.
- The 3% down payment can come from a gift or grant.
- Only $500 deposit money at contract.
- Additional funds available for light renovation if needed.
- Prospective owner occupants are given a 15 day “First Look” after the property is listed.
This program is also available to investors but the loan is limited to 80%. All home in the HomePath program are listed on the Internet at www.homepath.com. For example, as of this writing there were 99 properties in Baltimore County ranging in price from $44,000 to $449,000. You can also register on their website to get email alerts as new properties are added. If you see a property of interest and wish to visit it, call Bob McGee of Advanced Realty Timonium at 410-560-4574. Or if you have a particular type of home in mind I can search the entire database.