How To Buy Fannie Mae-Owned Properties With Zero Money Down, No Mortgage Insurance
A little-known fact is that you can buy Fannie Mae-owned foreclosed properties with as little as zero money down with no Mortgage Insurance. Fannie Mae is selling their properties through a program called "HomePath" and they're selling them for 50 to 75 percent of what they were worth just a few years ago.
Fannie Mae also offers a program called "ExpressPath" which is a financing option provided by Fannie through a Fannie-approved lender. ExpressPath financing can provide qualified borrowers up to 100% financing on select Fannie Mae properties.
How do you search for Fannie-owned properties? The brokerage firm I'm a part of, Market Advantage Real Estate, has made it easy for you. They've added a search feature that allows you to search for Fannie Mae-owned homes only. This will help filter out the "noise" and allow you to only search those properties owned by Fannie Mae. (The search feature may not be pretty, but we were focused on getting a functional resource out to consumers ASAP)
How do you find out more about ExpressPath financing? Just click here.
If you have questions regarding the process, don't hesitate to contact me directly or check out the FAQ section on Fannie's web site. Here's an excerpt:
How is buying a home owned or managed by Fannie Mae different from other home purchases?
Usually, when you buy a home, you deal with a seller who lives in the home. However, the homes sold by Fannie Mae are unoccupied. Fannie Mae has acquired these properties through foreclosure, deed in lieu of foreclosure, or forfeiture.
Can I buy a house directly from Fannie Mae without going through a real estate sales professional?
No. Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through our real estate listing agents. You may work with any real estate sales professional to submit an offer to the real estate agent who has listed the property.
If you'd like more information about any of the Fannie Mae-owned properties you come across in your search or have questions about how the process works, please email or call me - firstname.lastname@example.org - 703.582.5900.