Foreign National Mortgages to HOMEPATH to FHA - the path for 2011

Did you know that Fannie Mae has a special mortgage program available for properties that it has foreclosed on and now owns?

If you are looking to purchase (or have clients looking) go to www.Homepath.com and any property (including condominiums) that you see listed are eligible for HOMEPATH financing.

Some of the perks...

• No upfront or monthly mortgage insurance
• No appraisal required
• Primary homes up to 97% financing
• Second homes up to 95% financing
• Investment properties up to 90% financing

The requirements are similar to FHA and slightly more lax than a conventional mortgage. You will also find that the interest rate is about 1% higher than conventional but because there is no mortgage insurance, it is still usually less expensive than other options.

We also find that HomePath mortgages close faster than other loan types as there is no appraisal to be ordered.

This has rapidly become one of our favorite programs at ACM Financial and we would love to tell you more about it!

Please click here for a HomePath flyer HomePath ACM.pdf