Fannie Mae has announced they are discontinuing both the Homepath Mortgage and Homepath Renovation Mortgage products. Financing under these two products will only be available for contracts signed on or before October 6, 2014.
While the products themselves are being discontinued, Fannie Mae will continue to have their REO properties for sale, known as HomePath Properties, for which they plan on allowing certain flexibilities to include seller contributions that exceed typical conventional guidelines. Fannie Mae has not yet determined the specifics regarding these flexibilities and so as soon as the information has been received you will be notified.
Homepath Loans are a great opportunity to buy with 5% down. Call me soon to take advantage while you can. I have lenders that can work on your approval as fast as 24 hours.