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In regaurds to purchasing a house. What does this mean?

Purchase this property for as little as 3% down. (I understand that part)
This property is approved for HomePath Mortgage and HomePath Renovation Mortgage Financing.

Answer Question

Asked by Anonymous at 11:07 AM on Jul. 2, 2009 in Money & Work

Answers (8)
  • I do not know what that means..You can google it though.

    Answer by louise2 at 11:10 AM on Jul. 2, 2009

  • It sounds like it might be an REO?

    Answer by mamakirs at 11:11 AM on Jul. 2, 2009


    It has to do with Fannie Mae.

    Answer by Bmat at 11:11 AM on Jul. 2, 2009

  • What is fannie Mae?

    Answer by Anonymous at 11:15 AM on Jul. 2, 2009

  • FM is the government entity (along with freddy Mac) created by the Democrats to help cause this economic housing crisis we are in. They pressured banks to give loans to people who were not able to pay for them. They have also been investigated for fraud etc in the past. Obama has given them taxpayer money from Tarp so they can get and stay viable.
    We just refinanced our home and i told them I would have nothing to do with Fanny or Freddy.

    Answer by itsmesteph11 at 11:23 AM on Jul. 2, 2009


    Answer by Anonymous at 12:13 PM on Jul. 2, 2009

  • educate yourself on what Fannie Mae and Freddie Mac are and what they can do for you. Do not listen to what itsmesteph11 has said. Most banks will not do a fixed rate mortgage if not backed by Fannie or Freddie. You will need up with a local bank and a 3 or 5 year adjustable mortgage.

    Answer by Anonymous at 2:45 PM on Jul. 2, 2009

  • itsmesteph banks caused this on there own. The government said a % not everyone. I was turned down by banks because I was over extended. The bank that I am at now has PMI insurance so if I default they are covered. There is even an article on MSN that talks about how PMI is paying out all the banks that had houses foreclosed on. The banks are the one who decided to give certain loans and not include PMI insurance. Why don't you research PMI and how the sub prime banks caused the losses they have because they failed to charge for PMI insurance.

    I am actually no longer democrat but I am sick of everyone acting like it is one party. Both parties suck that is why we need an independent party.

    Answer by Anonymous at 2:51 PM on Jul. 2, 2009

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