Did you know that Fannie Mae REO's may qualify for special financing and free home warranty coverage through Old Republic Home Protection? There are currently 255 Fannie Mae owned foreclosure properties in Sacramento that qualify for FNMA's HomePath program.
Special Financing? YES! The Homepath program is available to buyers for the purchase of both a primary residence AND investment property! For the purchase of a primary residence, Homepath Financing allows as little as 3% down (LESS than FHA financing that requires 3.5% down!), and the downpayment can be the buyer's own funds, funds gifted to the buyer, or come from another 3rd party downpayment assistance program. For the purchase of investment property, Homepath Financing allows as little as 10% down (a far cry from conventional financing 25% down for non-owner occupied loans!). Non-owner occupant borrowers can own up to 10 properties, but have to put 25% down if more than four properties are financed. There is no appraisal. There is no mortgage insurance. "High Balance" loans are available.
Free Home Warranty? YES! Fannie Mae has partnered with Old Republic Home Protection to offer an outstanding 6-month home warranty plan that is FREE to buyers of Homepath eligible properties. The service contract provides coverage to repair or replace major systems and appliances, including things like heating and air conditioning systems, kitchen appliances, plumbing systems, water heaters, electrical systems, and garage door openers, etc. The coverage even includes pre-existing conditions!
So what are you waiting for? FYI only certain local lenders can assist buyers with the program...let me know if I can refer you to one.
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