Great Loan Options for Buying Fannie Mae Foreclosed Properties
Buying a foreclosure from Fannie Mae can be a great way to get the house you want at an affordable price. Prospect Mortgage has many loan programs that are perfect for purchasing your foreclosure. We can even provide funds to upgrade the home with no additional down payment!
- Get a great price on a bank-owned home
- Use an FHA loan and buy with as little as 3.5% down on a primary residence
- Get up to $35,000 (or more) to upgrade or renovate your home
- VA loans require no down and no mortgage insurance for veterans on a primary residence
- Buyers with a minimum down payment of 3.5% for their primary residence using an FHA loan
- Minimum credit score 580 for some programs; 640 for others
- Buyers planning to use their property as primary residence, second home or investment
- Buyers must be able to document their income
There are many reasons why a Prospect Mortgage foreclosure loan might be right for you. Learn more »
Once you find a house, turn it into the perfect home with a Prospect Mortgage Renovation loan. A renovation loan allows you to completely change the floor plan of a house or make smaller upgrades to appliances, flooring or windows. Learn more »
Discontinued Fannie Mae HomePath® Financing Program
Fannie Mae will stop offering their HomePath® suite of mortgage products on October 7, 2014. Prospect will continue to accept new loan applications until October 6, 2014 for the HomePath® Mortgage provided:
- The signed, fully executed HomePath® purchase contract includes a Real Estate Purchase Addendum dated on or before October 6, 2014, and the addendum indicates that the borrower intends to use HomePath® Mortgage financing.
- The HomePath® loan must be funded on or before December 31, 2014.
The HomePath® suite includes: HomePath® Mortgage, HomePath® Renovation Mortgage, HomePath® Non-Owner Occupied. If you have clients who are considering buying with a HomePath® Mortgage, please let them know that they have a limited time to secure their financing.
Even though Fannie Mae is ending HomePath® Renovation Financing, Prospect has additional renovation programs that can help move listings that are outdated or in need of repairs.