What if just about every impediment to home financing were removed? Would you buy a home if:
- You could qualify even with less than stellar credit
- Low interest rates were available for fixed rate, adjustable, or even interest only loans
- You could buy even if you're an investor
- No appraisal fees would be charged
- No mortgage insurance is an option
- 3% down payment could be paid by gifting or even a loan from the government or an employer
If a home qualifies for Homepath financing from Fannie Mae, those are the available benefits. At homepath.com you can search for homes that are available for this financing by state. If you're still hesitant in buying one of these foreclosed homes because they have problems, perhaps they've been stripped by the previous owner of appliances and even floor coverings, that's not a concern either. If it will be your primary residence, light renovation financing is also available, with quotes from contractors and suppliers factored into the loan process. With around 1400 homes currently eligible in Clark County, it's worth a look. A chance to buy a foreclosure at a value price, and have the renovation done as part of the deal could take away some of the fear of buying out of foreclosure.
If you're an investor, you still have financing for renovations available through Fannie Mae's Homestyle Renovation product. With so many value buys out there, and loan products created to get them off the block and occupied by owners, it's a good time to purchase. Just remember: the Fannie Mae financing is available for Fannie Mae owned homes only.