The homepath loan allows you to finance foreclosed properties with 3% down, no appraisal and NO mortgage insurance.
This is a Fannie Mae sponsored program, and is only available on properties that have been foreclose upon and are now held directly by Fannie Mae itself. To find the list of available homepath ready properties, click here for the interactive map.
I think this is an amazing deal if you are willing to be restricted to these foreclosure properties. The homepath loan can also be used for investors looking to buy a rental property. You can finance up to 90% of the purchase price with this program as an investor, and there is still no mortgage insurance, as well as no appraisal. Look into getting a multi unit foreclosure with this loan, increase your cash flow, and build your real estate empire! The homepath mortgage allows investors to have up to 10 financed properties.
At my company Mortgage Trust, Inc we have the ability to underwrite, document, and fund this Homepath mortgage program right here in Portland. We control the entire process from end to end.