Fannie Mae works with all of its partners to help homeowners prevent and avoid foreclosure; however, sometimes it is unavoidable. When foreclosures occur on mortgages in which Fannie Mae is the investor, our goal is to sell properties in a timely manner in order to minimize the impact on the community.
Fannie Mae offers special financing for some of the HomePath® properties it offers for sale.
The benefits include:
- Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
- Availability for both owner occupiers and investors
- Down payment (at least 3 percent) can be funded by the borrower’s 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