At Homepath.com, Fannie Mae provides a search engine for homes pre-qualified for their Homepath Mortgage and possible financing of renovations as well as real estate investors. There are several highlights to this program, starting with low interest rates for fixed rate, adjustable-rate, and interest only loans. The program allows for 3% down, and this can be borrowed money. No appraisal and no mortgage insurance (higher rates) round out these perks. Additionally, for investors the Homepath program offers a Companion Homestyle Renovations Mortgage product.
Fannie Mae has recently finessed this program further by offering 3% in closing cost assistance if the eventual first time home buyer completes an online homeownership course. The credit can be used to pay for standard closing fees, points, and prepaids. So while you are undoubtedly going to learn something you didn’t know about being a homeowner you will also ultimately be saving money. If you can find the home you are looking for through Homepath, this is a win win initiative.
There’s power in knowledge.