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*UPDATE: Fannie Mae has discontinued HomePath Financing. Download our Mortgage Loan Options Guide here, and find out what loan programs are still available to you. Original article: With a ton of home mortgage programs available to home buyers, it's important to know which ones to avoid, and which mortgages are good. For instance, "stated income stated asset" mortgages are one of the programs blamed for much of the mortgage mess the U.S. is dealing with right now. On the flip side, Rural Development loans backed by the USDA offer 100-percent financing (no down payment) and have a lower default rate than loan programs which require a 3-percent down payment. So an RD loan can be a great loan for first time home buyers.
When we announced Fannie Mae to Discontinue HomePath Mortgage: What's Next for Home Buyers? ... we knew that the HomePath idea would stick around. It's a good way for Fannie Mae to help hopeful home buyers find properties at likely-reduced prices, which is good for Fannie Mae and buyers alike. What's interesting, and maybe a little surprising for some, is that Fannie Mae continues to put resources toward HomePath.
For an official word on the disconinuation of Fannie Mae's HomePath financing and what it means for AmeriFirst Home Mortgage borrowers, please read this: HomePath Discontinued
Special Update: Fannie Mae has now extended the offer period through April 30 for transactions closing by June 30.