Our team has been writing contracts on a number of Fannie Mae homes in Denver this past month and we felt it worthwhile to discuss both the Fannie Mae Homepath Program and Fannie Mae homes in General.
For starters, many of the Fannie Mae homes we are showing are some of the nicest homes available. Fannie Mae is going into these home before they are listed on the market and replacing the carpet and repainting the entire interior. Many times hot water heaters or other mechanical issues are repaired as well. In addition, Fannie Mae is including a two year home warranty on all of these properties. These are not your typical bank owned homes!
The renovations and improvements are just the beginning. Most of these listings qualify for Homepath Mortgages. These mortgages offer many advantages over conventional and even standard FHA loans.
Some of the benefits include:
- Low down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
- No appraisal is required by the lender. THis saves hundreds off of your closing costs.
- No mortgage insurance (check with the lender for your specific property and mortgage terms).
- Expanded seller contributions for closing costs allowed.
- Available for primary residences, second homes and investment properties.
- Many condo project requirements are waived; ask the lender for details.
These are just some of the benefits to these loan programs. Make sure you give us a call at 303-817-0209 to get all of the details.
In general, we're seeing that Fannie Mae homes in Denver are nicer and are offering better financing than Denver HUD homes or other lender owned houses.
If you'd like more information, give us a call at 303-817-0209.