One of the best ways to get a deal on a house today is to buy a house from a lender who currently owns the house. The lender owns plenty of houses and is usually willing to “cut you a great deal” on price if you will just buy it.

One of the largest lenders in the US (THE largest lender) is Fannie Mae – they own millions of mortgages and currently have thousands and thousands of homes that they own that have been foreclosed properties and went back to the lender.

In an effort to reduce the amount of foreclosed properties that they own, Fannie Mae will not only cut you a great deal on price when buying one of their homes, they will also give you a great deal on the financing of the house.

The new financing program for homes that are owned by Fannie Mae is called the Fannie Mae HomePath program and it is only available for people who are buying a home that is currently owned by Fannie Mae. As with any subset of properties, Fannie Mae owns many homes that are immaculate and move-in ready and they also own quite a few homes that are in need of “a little work” before they can be lived in.

The Fannie Mae HomePath program is designed for homes that are currently owned by Fannie Mae and are move-in ready. The Fannie Mae HomePath Renovation loan program is designed for homes that are currently owned by Fannie Mae and in need of repair.

Fannie Mae HomePath Mortgage
The Fannie Mae HomePath mortgage loan is designed for people who are planning on making the property their primary residence and want to buy a home that is owned by Fannie Mae and found on the HomePath website.

HomePath mortgage loan benefits include:

• Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
• You may qualify even if your credit is less than perfect
• Available to both owner occupiers and investors
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
• No mortgage insurance
• No appraisal fees
• No declining markets policy (this is big in the “sun states” AZ, CA, NV, FL)
• No more than 10 financed properties
• No prepayment penalties

Fannie Mae HomePath Renovation Mortgage
For those homes that are in need of a few repairs, Fannie Mae has the HomePath renovation mortgage.

HomePath renovation mortgages have these benefits:

• Financing to fund both your purchase and light renovation
• Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
• No mortgage insurance

If you are considering buying a home that is currently owned by Fannie Mae, be sure to look into the HomePath mortgage financing program. In an effort to lower the inventory of houses they currently own, some of the best deals in a long time can now be had — whether the home is move-in ready or is in need of “just a little work”!