You’ve seen the logo’s, but what is HomePath and HomeSteps?
The HomePath and HomeSteps programs allows a person to buy a specially designated Fannie Mae or Freddie Mac owned foreclosed property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed as well
How Does It Work?
Simple. Just follow these steps:
- Apply with a lender. Get Pre-Approved. Just qualify for a traditional financing with at least 3% down.
- Meet with a Realtor – Look at homes, buy your dream house. You MUST select a home to buy from a special list of available foreclosed properties
- Close and move in!
Where can I see the list of available houses?
Easy. Contact a Real Estate Agent, and they’ll show you a list of qualified HomePath and HomeStep properties.
What about closing costs?
Closing costs can be rolled into the transaction, up to 6% of the loan amount.
How do I get started?
It all starts with a no obligation application, and a visit to a special lender offering the programs.
Buying a home in MN or WI? Click here for a HomePath, HomeSteps lender in MN and WI, or call (651) 705-6261, where one of their specially trained Loan Officers will assist you.