Fannie Mae will help you Buy

BIG NEWS! I have been pitching to you the Home Path program for a while now. It can be good alternative to FHA especially for condos. Because, its a low down payment, (3 to 5% for owner-occupied and 10% for investors), but there is NO PMI and with condos - NO condo cert needed. That means no issues with delinquency, FHA approval or owner occupancy...but just announced Fannie Mae will pay your buyers' closing costs! This announcement came today:

"Fannie Mae Announces 3.5 Percent Seller Assistance on HomePath® Properties
Incentive Part of Ongoing Effort to Stabilize Neighborhoods. Fannie Mae announced today that people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances. The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010."

I have several Home Path lenders and here at Rancho we are direct lenders on this product too. One other thing about Home Path. If you are putting in an offer on a Home Path property, make sure your buyer is qualified to use Home Path financing. Because most listing agents will want a "Home Path Approved" buyer for that property!