Fannie Mae REO Homes For Sale: Using HomePath
The home buying market in 2012 represents probably the best entry point for a home buyer in the last 60 years. This sort of statement is repeated again and again right now in all sorts of residential house selling marketing, but it is probably the one time in history it is absolutely true! The reason being is that mortgage rates, represented by the traditional 30-year home loan, are now available with interest rates below 4% (plus APR) and in some cases approach 3.5%. Further, property prices very good quality homes have also hit rock bottom because of the 2008 real estate crash and foreclosed homes on the market today. As a result, a buyer who qualifies and can put down a solid down payment can definitely get into a desirable home.
Fannie Mae Homes
Fannie Mae represents one of the major federal government corporation that underwrites home loans provided by banks and lenders. Because so many properties ended up being taken back by lenders as foreclosed homes during 2008 and 2009, Fannie Mae now has a significant inventory of foreclosed homes and properties it now needs to sell. Qualified buyers can take advantage of this inventory and purchase homes that at any other time probably would have sold for hundreds of thousands of dollars more.
The HomePath Alternative
With a Homepath Mortgage a buyer can secure the financing for a Fannie Mae property with a manageable down payment. Further, applicants don’t have to deal with mortgage insurance or appraisals either. The government already knows what the property is worth as the underwriter; it owns the home to begin with and is the ultimate seller in the transaction. Buyers using the Homepath Mortgage process can take advantage of favorable mortgage requirements, flexible down payment options, and avoid the onerous mortgage insurance charge as well. The HomePath Mortgage program works for a variety of properties as well, so qualified buyers of all types should consider the opportunity.
Buying a Fannie Mae foreclosed home can be one of the best opportunities right now in 2012 given the ideal situation for buyers in the current real estate market. With the favorable prices on homes that need to be sold by Fannie Mae as well as the available mortgage rates from lenders, buyers should definitely consider the opportunities available. Even if one doesn't necessarily have a down payment ready to go, just looking into the process can be very educational, especially for first time home buyers.
Learn more about this option for buying foreclosed homes with "A HomePath Mortgage Buyers Guide" at the button below. The free eBook covers this mortgage option front to back so you can be better prepared when considering a foreclosure purchase.
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