What is Fannie Mae?
Fannie Mae is largest non-bank financial services company in the world. Fannie Mae stands for Federal National Mortgage Association (FNMA) and was created for the purpose of purchasing FHA loans. VA loans were also added to their purchase program making the agency a major source of funds for mortgage companies. In 1972 Fannie Mae expanded its purchasing programs by adding conventional loans. It is a private company but is strictly regulated by the U. S. Government.
What is Home Path?
It is a special loan program offered by Fannie Mae, designed to help them sell their foreclosed homes. Fannie Mae and Freddie Mac are the largest owners of mortgages and deeds of trust in the United States. They are backed by the Federal Government.
The Home Path Mortgage Program offered for Fannie Mae owned properties is a great way to go if you qualify. There are some key benefits to financing your new house with the Home Path Program. Ican get you qualified and closed.
Some of the best benefits of the Home Path Program are
- A low 5% down payment. The only program that is lower is FHA
- You don’t have to have great credit in order to qualify for this program. If you have a 640 FICO you qualify!
- Available for primary homes, 2nd homes and Investment Properties!
- Down payment can be funded with a Grant, Gift or a Loan. No other program allows this
- No Mortgage Insurance Required
- NO APPRAISAL!!
- Flexible terms of 30 year 20 year or 15 year. ARMs Fixed and Interest Only
