Fannie Mae, one of the largest mortgage companies in the world, has come out with a program that makes home foreclosure purchases more affordable for both primary and investment property. It's called Home Path. Simply go to the Home Path sight at homepath.com and pull up the area you are interested in and a list of homes that Fannie Mae has in foreclosure will appear. Fannie Mae allows you to purchase these homes for as little as a 3% down payment for a primary resident. A investor can buy these properties for a 10% down payment and up to Ten units. There is no re-appraisals or mortgage insurance required for the closing of these  properties. You also don't have to have a stellar credit rating. Why is Fannie Mae doing this? They are trying to help stabilize home markets that are continuing to fall in value. So what's the catch ? The home price posted is the price you will have to pay and it may be slightly higher in a area. Also the interest rate is usually a little higher. The good news is, if you request, Fannie Mae gives you 6% of the purchase price toward closing costs. This can be used to buy down the rate.With any help on these properties, please contact me at myrtlebeachrealestateshop.com and I will happen to answer your questions and help with the purchase of these properties in the Myrtle Beach area.

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