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/