Well Fannie Mae and Freddie Mac; the two largest purchasers of home loans, set the standards under which they will purchase loans from banks and mortgage companies. They have set up a program to reduce their growing inventory of nearly 1,500 Foreclosed homes called HomePath®
So what's in it for buyers? The benefits include:
- Reduced Home Prices
- 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 (Typically if you don't put down 20%, you would need it.)
- No appraisal fees
- Also eligible for HomePath® Renovation Mortgage*
- HomePath® Mortgage financing is available from a variety of lenders - both local and national.
*If you're an investor interested in renovating a property in San Luis County, you may qualify for financing under our HomeStyle® Renovation Mortgage product. See my next Blog Post explaining this option.
Currently there are 3 homes available under this program in the city of San Luis Obispo. There are many more in other neighboring cities. Email me today to get a list of homes that qualify in your area. Take advantage of a government program that helps you purchase at bargain prices and extremely low interest rates.
This is just another way to learn and be smart about Real Estate with me at your side. For any of your home buying needs look to a Realtor that Knows Homes in SLO County.