New Financing From Fannie Mae
Fannie Mae is coming out with a new financing option that lenders will implement sometime in April 2009. It is only allowed on Fannie Mae homes.
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.
Find out more at http://www.homepath.com/