One man’s loss is another man’s gain!

Written By: Glenn Michaels, Op-Ed Writer

As a seasoned mortgage professional I am often asked where a person can obtain real estate for less money and where they can obtain financing easily.

I often answer, go to where Fannie Mae lists properties that they have foreclosed and have taken back (REO). Fannie Mae (FNMA) is one of the nation’s largest purchaser of residential 1 – 4 family homes, condominiums, planned unit developments, and cooperatives for sale.

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Most often the properties listed for sale are listed at below market prices for quick sale by Fannie Mae. The purchaser of the property while on is able to see both interior and exterior photographs of the property being sold by Fannie Mae. In some cases the buyer of the properties can make an online offer for the property being shown. In all cases the selling real estate broker is listed on the web site for each property being shown as well as other required information such the real estate tax for the property.

The First Look program is designed for the buyers that want to buy and reside at the property. The property is not shown to investors for at least 15 days on average.

While reviewing the properties being offered there may be references to Home Path financing and to Home Path Renovation loans. Most lenders approved to do business with Fannie Mae are approved to offer Home Path Mortgages and/or Home Path Renovation Mortgages. Always check to see if your lender is an approved lender for both programs or will do both programs.

Owner occupied primary borrowers are eligible for Financing Assistance Programs to assist in the earnest money requirement. In addition the owner occupied primary borrower can put as little as 3% down with a 6% sales concession and there is no private mortgage insurance required. In addition there is no appraisal required therefore the closing costs are lower than a regular conventional mortgage loan with 3% down as they always require an appraisal and private mortgage insurance.

The 3% required investment can be funded by the borrower’s own funds, come from a gift, a grant from a nonprofit organization, state or local government or employer.

Borrowers can qualify with less than perfect credit.

Investors can buy with only 10% down and are limited to no more than 10 properties using Home Path Financing.

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Homes in need of Home Path Renovation financing can receive up to $35,000.00 to renovate the home.

The Renovation loan allows the home buyer to replace anything from carpet, paint and appliances, to light fixtures, plumbing fixtures, plumbing fixtures, window repairs into the financing.

The home buyer is given 6 months complete the work.

This is only available through

About The Author

Glenn Michaels - As an op-ed writer, Glenn Michaels is a mortgage underwriting instructor for CampusUnderwriter ( As a BBA & FHA DE Underwriter, Glenn is a Pace University graduate who also graduated from New York University’s School of Mortgage Finance. Glenn has conducted numerous training classes and has worked in the mortgage banking industry for 38 years. 

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