First Guaranty to Offer Fannie Mae HomePath Renovation Loans
By: Carrie Bay
McLean, Virginia-based First Guaranty Mortgage Corp. (FGMC) will now offer Fannie Mae HomePath and HomePath renovation products through its wholesale lending and consumer direct lending channels.
HomePath is the GSE’s venture for marketing and selling REO properties it takes ownership of after the foreclosure process, providing special financing terms for the purchase of select Fannie Mae-owned properties.
FGMC, which offers wholesale and resale lending products nationwide, is one of only a handful of mortgage lenders in the country to be approved to provide the HomePath
product. FGMC will also offer the non-owner occupied investor financing allowed through Fannie Mae’s product.
The HomePath offering will provide options to homebuyers and real estate agents alike by coupling rehabilitation loans with Fannie Mae-owned sales.
Fannie Mae is currently offering additional incentives via HomePath, including a 3.5 percent closing cost incentive for borrowers and $1,200 bonus to selling agents. These incentives are valid through October 31, 2011.
FGMCSVP Andrew Peters asserts that the HomePath product is a strong option for real estate agents, asset managers, and others with Fannie Mae-owned inventory.
“Fannie Mae’s HomePath product is a natural solution for those seeking to increase sales,” Peters said. “We believe that renovation loans such as the HomePath product give the homebuyer additional incentives by allowing them to visualize a Fannie Mae-owned home customized to his or her liking.”
FGMC is a full-service wholesale and retail national lender offering mortgage solutions to clients of varying income and credit types. The company’s “Rebuild the Dream” initiative focuses on replenishing America’s housing stock by way of expedited rehabilitation lending.
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