Purchasing a foreclosure or bank-owned home in Phoenix may, arguably, allow you to buy the best home for the cheapest price.  Many lenders currently require a 20% down payment, however, it is still possible to buy a home in Phoenix with low down payment, even if the home can’t be financed with a FHA home mortgage.    

With HomePath Financing, 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 a new HomePath® program, specifically for Fannie Mae REO properties.  This program is exclusively offered through David Krushinsky of AmeriFirst Financial, Inc.  Listed below are some of the highlights of the HomePath Mortgage.  

HomePath® Financing Highlights

  • Low down payment and flexible mortgage terms 
  • Up to 97% financing for Owner Occupied homes
  • Up to 90% financing for 2nd homes
  • Up to 90% financing for Investment Properties
  • Borrowers purchasing a 2nd home or investment property with maximum 75% LTV/CLTV can own up to 10 financed properties
  • No mortgage insurance option (over 80% LTV requires a 660 credit score and additional fee)
  • No appraisal fees (Sales price is used to determine value)  
  • Eligible properties include 1 to 4 units, condos, and PUD’s 

If you haven’t began your search for a new home, you can get started searching for Fannie Mae REO’s 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 on or before December 31, 2010 and within 60 days of offer acceptance.  A $1,500 bonus is also awarded to the selling agents on HomePath properties in Phoenix.  This incentive applies only to owner occupants purchasing a HomePath approved property, but a home buyer may still negotiate seller paid costs at the time of purchase for second homes and investment properties.    

Our mortgage team works with many local Phoenix 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.

Questions? Contact David Krushinsky Today!
  • David Krushinsky

    David Krushinsky

    VP · Mortgage Consultant
    NMLS# 202115

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    David Krushinsky

    14100 N 83rd Ave B-230
    Peoria, Arizona 85381
    (602) 456-2195
    NMLS# 202115
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