Home Path is the branded name for the REO (Real Estate Owned) division of mortgage lender Fannie Mae. Homes that were financed with Fannie Mae guaranteed mortgages but go into foreclosure become the property of Fannie Mae. To promote the sale of Fannie Mae's owned properties, the lending companies offer special mortgage programs. Home Path mortgages are available to both owner-occupant buyers and investors, however there are restrictions on the Home Path renovation mortgages, which are intended for homeowner occupied properties. To learn more about the Home Path Programs visit homepath.com
- Down payments can be as low as 3 percent and can be borrowed funds.
- Relaxed credit qualification standards
- Choice of fixed-rate or adjustable-rate loans
- No mortgage insurance.
- No appraisal of the property is required.
