Expresspath financing is available only on Fannie Mae REO properties. This is a special type of financing that can make getting into the home of your dreams a reality as there is a very low down payment of $500, low interest rates, waived mortgage insurance, and 15 or 30 year terms. Consider going with expresspath financing if you want a REO property.
REO stands for real estate owned and it means that it is a property that the bank has foreclosed on. Generally, you will get a better deal on a REO property than you would if it were available from an initial homeowner. This is because the lender is not in the business of owning or managing properties. Therefore, they have an incentive to get the homes off of their books. Expresspath financing was developed specifically to get homes off Fannie Maes books.
ExpressPath financing uses a low down payment fee (also known as LDPF), which means the mortgage insurance is not built into the rate. Buyers are able to compare rates from other lenders more easily with LDPF. There is a MIsubstitute, which is comparable to traditional mortgage insurance that a buyer would pay.
For owner occupied single family homes, 100...
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