Friday, July 15, 2011

First Guaranty to Offer Fannie Mae HomePath Renovation Product

We have learned that First Guaranty Mortgage Corp. (“FGMC”), McLean, Va., 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 of which it takes ownership 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 Realtors alike by coupling rehabilitation loans with Fannie Mae-owned sales. Virginia-based FGMC is a national, full-service mortgage lending firm offering mortgage solutions to clients of varying income and credit types. 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.

FGMC Senior Vice President Andrew Peters asserts that the HomePath product is a strong option for Realtors, asset managers and others with Fannie Mae-owned inventory.

“Fannie Mae’s HomePath product is a natural solution for those seeking to increase sales. 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," he said.

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