How To Find The Best Financing Options For Fannie Mae Homes

Buying a property is always a big financial decision

. There are many considerations which you need to keep in mind in order to ensure that your money is not wasted. But avoiding wasting money should not be your only concern. You should also be able to strategize how to save those thousands of dollars that you have kept aside for many, many years.If you are particularly interested in buying Fannie Mae homes, there are financing options available for you depending on your need. However, it is important the you find the most suitable one for you among the different choices that you can find on the Fannie Mae site. The easiest way to find out which one is the right financing choice for you and your property is to talk to the several lenders listed on their site. This is the only way that you can be sure whether a lender can offer you the financing that you need.Secure A Preapproval FirstWhen buying a Fannie Mae property, a preapproval letter is critical to getting the home that you want. A preapproval letter basically assures your prospective lender that you and your financial data have been thoroughly examined by financial consultants and that you have been assessed to be qualified for certain amounts of loan. In essence, it strongly backs your financial records and ultimately, increases your chance of being approved by Fannie Mae. Take note that some Fannie Mae owned properties can be bought through HomePath financing. So if you are looking to buy one of these properties, you should be able to secure a preapproved loan from any of the participating HomePath lenders.HomePath OptionsHomePath mortgage financing has several features. For one, it requires low downpayment which is about 3 percent of the total amount and you can even avail of the loan despite a less than perfect credit score so you do not have to worry about being disqualified for a loan. The mortgage terms are also quite flexible since you can choose among fixed-rate, adjustable-rate, or interest-only terms. You should choose the one which is most appropriate for your type of purchase. This type of financing is open to both investors and occupants and requires no appraisal of the property.On the other hand, the HomePath Renovation Mortgage allows you to take out a loan that covers both your purchase and some light renovation for Fannie Mae homes. It also features a low downpayment and the terms include fixed or adjustable rates. For both types of loan, there are no mortgage insurance. You would need to ask your lender separately for details on loans without mortgage insurance.To know which properties are covered by a specific type of loan, you should find the corresponding type of HomePath logo next to each listed property. There are properties that only qualify for a specific type and there are those that are covered by both types.There are also several HomePath lenders who partner with local mortgage brokers to better accommodate loan applications for Fannie Mae homes in specific areas. If you want to be assured that you are working with a HomePath partner, simply ask for their principal lender.

by: Joseph B. Smith

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