For Immediate Release
Media Contact: Gina Kaegi, Director of Marketing
602-224-1444 ginakaegi@realtyexecutivesphx.com
Desert Heritage Mortgage Chosen
By Fannie Mae as HomePath Lender
New REO Loan from Fannie Mae Requires Only 3% Down
and No Mortgage Insurance
Phoenix, AZ — (February 2, 2009) Desert Heritage Mortgage, an exclusive lending partner with Realty Executives Phoenix and one of several lending affiliates of Metrocities Mortgage, is now one of only 12 lenders nationwide approved to offer Fannie Mae’s new REO (“Real Estate Owned”) loan product called HomePath.
Fannie Mae has thousands of REO properties across the nation resulting from foreclosures. The HomePath product, offered in both fixed and adjustable-rate loans, serves as a financing option for consumers seeking to buy a Fannie Mae REO.
Primary residence homes purchased with HomePath are also eligible for up to 6% in seller concessions, which can help a buyer cover closing costs. A primary residence property requires only a 3% down payment, no appraisal and no mortgage insurance with HomePath. The new Fannie loan can also be used to finance investment properties, with only 10% down required for 1-2 unit buildings. Investors applying for a Homepath loan may own up to ten properties.
“HomePath is an exciting loan with great terms, says Vicki Johnson, First Vice President of Desert Heritage Mortgage, “And Desert Heritage is one of only a few HomePath lenders, who have offices here in Arizona. Together with Realty Executives, we are financing a lot of REO properties through their New REO Buyers Program and Unique Foreclosure Center. We're very pleased to be partnering with Fannie Mae to offer our customers even more financing options.
Homebuyers interested in a HomePath loan should contact Desert Heritage Mortgage at 480-951-0336 ext 7124 to get connected with an experienced Loan Officer in their area.
About Desert Heritage Mortgage Desert Heritage is one of several lending affiliates of Metrocities Mortgage, which combined represent the largest independent residential retail mortgage enterprise in the United States. Metrocities is backed by the stability of Sterling Partners, a multibillion-dollar private equity firm. Desert Heritage is the exclusive preferred lender for Realty Executives Phoenix.
About Realty Executives Phoenix Headquartered in Phoenix, Arizona, with multiple branch and satellite offices throughout the state, Realty Executives was founded in 1965 on the unique principal of 100% commissions for its agents. This has attracted the top performers in real estate and has helped grow the company to more than 1,500 Executives. The company has been consistently ranked as the number one real estate broker in Arizona in both transactions and sales, and is the eleventh largest broker in the U.S. for sales volume. For additional information on Realty Executives Phoenix, please visit the company's website at www.SearchHomes.com, or call 602-957-0444.
