No MI, appraisal

April 1, 3:22 PMCentral Denver Real Estate ExaminerDonna Hansen

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Fannie Mae HomePath loans have great flexibilities.

Right now, there are massive deals on homes and not just for first time home buyers.

So you've been surfing real estate sites and not finding the great home deals you were hoping for?

Fannie Mae's HomePath site is not to be missed - if you're looking for a screaming deal on a home or investment property and need very - seriously, very flexible financing options.

How flexible?
Properties listed on the HomePath.com site with the HomePath logo on it are easily financed by Fannie Mae because they already own the property and know the value. With this flexible financing program you'll save on your down payment and monthly mortgage payment.

HomePath loans flexibility over FHA or conventional loan financing includes:

- NO appraisal required
- NO mortgage insurance
- Minimum 660 FICO
- Minimum down payment 3%: may be a gift, grant, your savings; or even a loan from a non-profit or employer
- Up to 90% loan to value on investment properties

For HomePath homes that require work and repair Fannie Mae is offering a renovation loan to fund the purchase and renovation with the same loan flexibilities listed.

So on top of the $8,000 tax credit for first time home buyers who qualify, you can save money on closing costs by using the HomePath loan and will not have to pay for an appraisal (these properties are priced to sell), no monthly mortgage insurance and with a gift from a family member for your down payment, you can put the money you've been saving into your new home and have spent very little out of pocket to get into a home.