Fannie Mae, the huge government sponsored secondary mortgage bank, has a program for investors to help unload it’s huge inventory of foreclosed homes.  This special financing is only available on select homes in Fannie Mae’s inventory-BUT this inventory seems to be growing day by day. Besides the lower down payment for investors Fannie also advertises 3% down for Owner occupants.  To further increase buying power the program also includes fix up funds.

Here is a cut and paste right off the HomePath site:

The 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
• Also eligible for HomePath Renovation Mortgage (see details below)
• HomePath Mortgage financing is available from a variety of lenders – both local and national

Check out the local inventory on your own.  On the HomePath website you can find a property search feature along with financing information.  If you have any questions as to how to buy, finance, and fix up one of theses Fannie Mae homes give me call.

Technorati Tags: Fixer Upper Inventory, Foreclosures, Investment property, real estate finance