Fannie Mae offers special REO financing

Appraisal fees, mortgage insurance waived for qualified buyers

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Have you tried to get financing for a second home lately? Just lost an investment property because a longtime lending source was unable to find a loan to fit your needs? Fannie Mae, the biggest provider of mortgage money in the country, is attempting to reduce the size of its inventory of foreclosures, or "real estate owned" properties (REOs), by promoting special financing plans for owner-occupants, second-home owners and investors. While you may not find the ideal getaway or investment property on the Fannie Mae REO list, you could be pleasantly surprised with the possibilities. Remember, given the economy, some owners who never planned to sell have been forced to surrender their properties. The HomePath financing program offers 3 percent downpayment options for owner-residents, 10 percent downpayments for second-home buyers, and 15 percent downpayment plans for investors on Fannie Mae REO properties. Participating borrowers usually need a 660 credit score and ...