Fannie’s HomePath Financing Died In 2014, and Nobody Noticed
Fannie Mae offered special financing for its REO properties via its Homepath program for about five years. It came out with big fanfare in 2009 b/c it offered special financing with only 5% down, no PMI, etc.
Few of our borrowers ever opted to pursue Homepath financing, however, b/c the rates were so high. Homepath was only advantageous when properties were not “financeable” with conventional or FHA financing. Non-financeable properties include non-FHA approved Condos, Condos with HOA issues, and properties with condition and permit issues.
In any case, Homepath disappeared in late 2014 and nobody really noticed b/c so few people used it. We only recently found out ourselves, and hence this blog.
Founder/Broker | JVM Lending
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