Many potential
home buyers in the Denver area may be hesitant to contact lenders or begin a serious home search because of the recent tightening of qualifications for mortgages. However, there is a program that might offer buyers some good options as well as good deals.
Fannie Mae’s HomePath® Mortage Program offers special financing on select homes that are owned by Fannie Mae with tons of benefits. Some of these benefits include:
- Low down payments and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
- Possible loan qualification even if your credit is less than perfect
- Loans available to both owner occupiers and investors
- Down payment (at least 3%) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
- No mortgage insurance (*ask your lender for cost details on these loans)
- No appraisal fees
- Offered by a variety of lenders
The homes offered through HomePath® are all properties that Fannie Mae has acquired through foreclosure, deed in lieu of foreclosure (when an owner gives the home back to the lender to avoid the foreclosure process), or forfeiture. Because of the nature of the homes available through this program there are some great deals for buyers, and a professional inspection is recommended to determine the extent of any repairs, if necessary.
In addition, Fannie Mae is offering a 3.5% incentive for owner-occupant buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Some details about this incentive are as follows:
- Offers must be accepted on or after January 28, 2010
- Property sales must close before May 1, 2010
- Investors are excluded
If you’re considering buying a
home in the Denver metro area, don’t wait and risk missing out on these Fannie Mae incentives and the Federal tax incentives set to expire in April! Call the real estate pros at the
Bandy Team to
find a great deal on a home in metro Denver or in any of our surrounding communities, such as
Aurora’s Buckley Air Force Base or
Castle Rock’s Castlewood Ranch. Let us help you reach your goals!
Marianne Bandy
Avoid Foreclosure in Denver
