Homepath Properties: Making Mortgages Attainable

Over the past 2 years, Downtown Miami & Brickell areas have been ravaged by the difficult lending market.  Sure, many properties are selling, but mortgages are very difficult to obtain for people who do not have large sums of money for 30%-40% down payments.  All hope is not lost.  Fannie Mae has a program called Homepath, that lends a helping hand to people who wish to buy for the purpose of having a new home.

In an effort to promote home ownership, Fannie Mae offers its foreclosed properties under the “First Look” program.  With this program, buyers do not compete with investors.  You must sign a formal waiver, indicating that you will occupy the property for at least the first year.  In return, you will get a competitively priced unit with easier financing options.  The benefits include:

– Down payments as low as 3%
– Flexible mortgage terms
– You may use your savings, a gift, grant, or a secured loan from a nonprofit, government or your employer as your down payment.
– No appraisal required
– No mortgage insurance
– After the “First Look” period has passed, these terms are available for primary residences, second homes and investment properties.

For more information about the First Look Program, Homepath, and Homepath Mortgage options, visit their website here.  To find a Homepath lender or a Homepath property, just contact us at 305-741-5441.

One Response to “Homepath Properties: Making Mortgages Attainable”
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  1. […] is the best option to get a fantastic financed deal on a Downtown Miami or Brickell foreclosure.  Last month, we talked about all of the benefits, but here is an updated list of the Homepath-approved properties in our […]

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