Amazing HomePath Financing Options For Bellingham Homes
What is HomePath?
It is a mortgage program offered by Fannie Mae when you purchase one of their forclosed properties. You can have a down payment as low as 3% and still pay no private mortgage insurance!
What are the benefits?
The mortgage can be fixed-rate, adjustable or interest only.
- The down payment can be a gift, a loan from a non-profit, state or local government, even a gift from your employer!
- The lender doesn’t require an appraisal.
- No Mortgage Insurance!
- Fannie Mae can pay a percentage of closing costs.
- Good on primary residence, second home or investment properties.
- Many condo requirements are waived.
HomePath for fixers
They offer a renovation mortgage where you can get 35% (up to $35,000) for repairs done after closing. The only difference from the regular HomePath mortgage is the repair amount is determined by an appraisal of the completed project.
Everyone! The reason they are offering this is to get rid of their foreclosure holdings. They aren’t property managers and they don’t want to own homes.
What’s the catch?
You can only get a HomePath mortgage through approved lenders. It’s not much of a catch because we have several local lenders that do them.
For a list of HomePath properties currently on the market in Bellingham and Whatcom County, fill out this form and I’ll keep you updated.