So you’re in the market to purchase a home in Phoenix, Arizona? You’ve saved your money, but were hoping to find something with a low down payment. Unfortunately, most of the affordable houses in your price range are unable to be financed with a FHA home loan. It is beginning to seem like your only option may be Conventional financing, which requires a significantly larger down payment.
There is another option. It is possible to take advantage of today’s low interest rates and affordable home prices in Phoenix, while still benefiting from a reasonable down payment.
You can purchase a home, which is owned by mortgage giant Fannie Mae, for as little as 3% down. Fannie Mae currently owns many homes taken over through the foreclosure process in Arizona. These homes can be financed through their new HomePath® program, specifically for Fannie Mae REO properties. Listed below are some of the highlights.
HomePath® Financing Highlights
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You can search for Fannie Mae REO’s at in Arizona by clicking here. Fannie Mae is also offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:
- Closing costs;
- The purchase of new Whirlpool® appliances by Fannie Mae; or
- A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.
Our mortgage team works with many Real Estate Professionals that specialize in locating these homes for our borrowers. Please feel free to contact us for a referral of someone who is qualified to assist you in writing a contract, negotiating terms and obtaining the best long-term strategy for you and your family. Purchasing a home involves many other aspects than just negotiating a sales price. It’s very important to know, upfront, how to properly structure your real estate offer upon submitting your contract to Fannie Mae. Contact us today to begin the process.
