Like many other homebuyers who consider buying a foreclosed home, Chad Kinney was disappointed when he learned it would be difficult to get a mortgage for the property he chose.
The Fannie Mae-owned house that he wanted to buy needed repairs and would likely not pass the property inspection required by mortgage lenders, he was told. That's when the listing agent suggested he apply for a HomePath Mortgage, which doesn't require mortgage insurance, a property inspection or appraisal and is offered exclusively to borrowers buying homes from Fannie Mae.
"That was the first time I ever heard of HomePath, so I started researching," he says. "To me, the selling point was my monthly payment is lower and I can get an additional $15,000 for renovations."
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