One of the best kept secrets for many real estate agents, home buyers and investors, is the Homepath loan. This is a type of mortgage specifically for purchasing Fannie Mae foreclosed homes, and there are  some great advantages to buying with this program. These foreclosures are priced right from the start, you can buy with a low down payment (3% down for owner occupants and 15% down for investors) and there is no mortgage insurance. Now we have a new type of Homepath loan, the Homepath Renovation loan. This mortgage allows buyers to purchase a Fannie Mae foreclosure and add the cost of repairs and improvements into one loan, with one closing. The biggest problem when buying a foreclosure is often that the home needs work, either repairs immediately, or deferred maintenance. This mortgage is modeled after the Streamlined FHA 203k, and the Homepath Renovation loan allows you to add…

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