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.
David, I did not know the 3.5% can go toward a combination of closing costs AND appliances. I thought it was one or the other. That's what I get for assuming. This is a nice deal. Kate
Your office is very aesthetically pleasing. I am jealous! I like the TV also. I need one of those in my office, along with a tidy job ;)
I keep forgetting about homepath financing. Great info on homepath!
This is really great information, especially for buyers who don't have a lot of money for a down payment and closing costs.
Kate - You know what happens when you ASSume.....
Renee - Thanks dude.... I love your new picture too! It looks great.
Christine - The 3% down payment can actually be a gift from a relative., so it's a terrific program for buyers who don't have a lot of money.