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Buying a Fannie Mae Bank Owned Property
According to Fannie Mae, there are 75 Fannie Mae bank owned properties in the pipeline on Maui. Currently, there are a total of 35 active listings in the MLS. Click here for full list.
Interestingly, there is special financing that you are eligible to receive when acquiring a Fannie Mae home. There is HomePath Mortgage Financing where you can put as little as 3% down (besides your own savings, it can also be a gift, grant, or loan from a non-profit organization), available to both owner occupants and investors, no mortgage insurance, no appraisal fees and low competitive interest rates.
There is also the HomePath Mortgage Renovation Mortgage Financing that allows you to fund both your purchase and light renovation. Email us if you have any questions and would like a lender recommendation on Maui that specializes in this type of financing.
Have a wonderful week!
Mahalo Nui Loa,
The Smith Team
P.S. We featured the Tuscan Villa this week because it must be sold to satisfy Estate Taxes. So even though the previous owner had over $8 Million in hard costs in to this property, don’t be afraid to make an offer.