Fannie Mae, the agency sponsored by the U.S. government to help make housing more affordable to all Americans, now offers HomePath, a special new home loan to finance the sale of its current real-estate owned (REO) properties across the country.
The benefits of a HomePath Mortgage Loan include:
-only 3% down required on a primary residence property
-no mortgage insurance required
-no property appraisal required
-only 10% down on 1-2 unit investment properties (this is huge)
-get up to 6% back in seller concessions
Only a very few lenders can do these loans, but Metrocities Mortgage is one of them.
One drawback is that there are just not very many Fannie Mae REOs in northern Los Angeles or the San Fernando Valley. Search for Fannie Mae REO properties eligible for HomePath financing at www.research.fanniemae.com/reosearch.
Judy Graff's sublime-to-the-ridiculous (well, mostly ridiculous) take on real estate for east San Fernando Valley and North Los Angeles communities. This includes Hollywood Hills, Burbank, Studio City and Toluca Lake real estate and homes for sale, and also covers Valley Village, North Hollywood, Glendale, Atwater, Highland Park, Silverlake, Sherman Oaks and other L.A. areas too. General news and musings as well.
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