Paul's Bellingham Blog

My thoughts on Bellingham, the Real Estate market, and more

Video answering questions about Fannie Mae homes and HomePath

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I have created a video answering the most frequently asked questions I get about Fannie Mae foreclosed homes for sale in Whatcom and Skagit county. No matter what area you are looking in, this is a must-watch video if you considering investing in a Fannie Mae home for sale, and/or are interested in HomePath financing.

Benefits of HomePath financing

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In Whatcom County, there is typically somewhere in the neighborhood of 30 to 60 homes for sale owned by Fannie Mae. These Fannie Mae homes have a special financing program available called HomePath, that many buyers are not aware of. HomePath is an excellent financing option, especially for those buyers and investors considering putting less than 20% down.

Benefits of HomePath financing include:

No Mortgage insurance. Buyers putting less than 20% down have to pay a mortgage insurance premium on every type of loan that is available except HomePath. The only exception is V.A. financing for veterans.

No Appraisal. This saves you about $550 in up front costs. It also gives you the potential to close quicker (and make your offer stronger). Many times these homes are difficult to finance because the lenders appraiser will call out issues with the home. This allows you to avoid this potential complication and hoop to jump through

As little as 3% down for owner occupied buyers. FHA is 3.5% down, and the minimum with conventional is 5% down.

USDA offers ZERO down, but that program is only available if you are looking outside city limits of Bellingham and there is income restrictions on how much you can be making to qualify.

Investors, as little as 10% down. Almost every financing program for investors who want competitive interest rates is 20 to 25% down. Investors can buy with 10% down, and again, no mortgage insurance and a competive interest rate. This allows investors to keep more liquidity, and still find a home that will cash flow without as much money down.

Not every lender offers HomePath. The local lenders I am aware of that offer HomePath in Whatcom County include: Wells Fargo, Bank of the Pacific, People’s Bank, Guild Mortgage, Neighborhood Mortgage, and Envoy Mortgage.

If you get qualified with a loan officer in advance who offers this program, you will be better prepared if a Fannie Mae foreclosed listing comes on the market that is of interest to you. You can find Fannie Mae listings on, and I also feature many of them on my website under featured foreclosures in Whatcom County.  

Fannie Mae Foreclosed Homes Not Yet Listed

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I have created a page on my website, to give buyers/investors, and buyers agents a heads up on new foreclosed listings I have coming on the market in the next month or so. This will be Fannie Mae foreclosed homes in Whatcom and North Skagit County.

Often these are great deals, and after they foreclose it can take some time to get them listed. I will be updating it weekly, so bookmark this page! Click here, or on the picture below to go to my “Coming Soon” page.