Frequently Asked Question: Fannie Mae HomePath Mortgage for multi-family owner-occupied property
Q: My understanding is that the Homepath program does include 2-unit properties, and that 2-unit properties qualify for 3% down if owner-occupied under Fannie Mae guidelines. However, every loan company I've contacted has a minimum 20% down for 2 unit properties. Does anyone know of any lender willing to do a 3% down HomePath mortgage for a duplex?
A: The Fannie Mae HomePath mortgage program is available only on Fannie Mae foreclosed homes. You can find Fannie Mae foreclosed homes for sale at http://www.homepath.com.
With the Fannie Mae HomePath mortgage program, your can buy the home for as little as 3% down. There's no mortgage insurance, and you don't have to pay for an appraisal, either. There are a number of lenders offering the Fannie Mae HomePath mortgage program. For a complete list of lenders in your area, go to http://www.fanniemae.com/homepath/financing/lenders.jhtml.
Fannie Mae is currently running a special on their foreclosed homes. They are offering up to 3.5% of the purchase price that can be used towards closing costs, the down payment and /or new appliances. You can learn more about it at http://www.fanniemae.com/homepath/incentive/index.jhtml;jsessionid=XRXS1TKANA2W3J2FQSISFGA. But you better hurry. This special offer expires on April 30, 2010.
To learn more about the Fannie Mae HomePath mortgage program, go to http://www.fanniemae.com/homepath/financing/index.jhtml.
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