A new loan program has been introduced by Fannie Mae, welcome Home Path. A loan program made available to purchase Fannie Mae owned homes. It gives the FHA Loan a run for its money, although the rate is slightly higher much like LPMI (lender paid mortgage insurance) programs.
- 3% down in comparison to the FHA requirement of 3.5%
- No appraisal is required
- Seller concessions allowable up to 6%
- No Mortgage Insurance
For more information or to search Fannie Mae's listed homes visit http://www.homepath.com/
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