FANNIE MAE HOMEPATH PROGRAM

The Fannie Mae HomePath® Renovation program is specifically for borrowers who are purchasing Fannie Mae real estate owned properties requiring no to moderate renovations. Renovation costs cannot exceed 30k or 20% of the estimated completed value of the home. Eligible properties can be located at http://www.homepath.com. Mortgage insurance is not required.

Qualification is similar to that of any other type of mortgage loan. Limited banks offer this program. Key points are:

*Lender Paid Private Mortgage Insurance – non traditional PMI
*5% down Payment for less than 660 mid fico score, 3% with greater than 660 mid fico score
*No appraisal required
*Up to 6% Seller paid closing costs (Seller being Fannie Mae)

Can be a HomePath® Mortgage or HomePath® Renovation Program both for purchase of a Fannie Mae owned REO.
HomePath® Mortgage Financing

This special financing is available on Fannie Mae homes with the HomePath® Mortgage, HomePath® Renovation Mortgage logo.

The HomePath® Mortgage

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 (Ask your lender for cost details on loans without 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.

HomePath® Renovation Mortgage Financing

This special financing is available on Fannie Mae homes with the HomePath® Renovation Mortgage logo:

Available only on homes you make your primary residence and offers these benefits:

* Financing to fund both your purchase and light renovation
* Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
* Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
* No mortgage insurance* (lender paid MI)
* HomePath® Renovation Mortgage financing is available from several lenders.

You can check out more information at http://www.fanniemae.com/homepath/financing/index.jhtml