Mosler Lofts Unit Back On The Market, Bank Owned

 

 

 

 

 

 

 

 

 

 

Project: Mosler Lofts
Neighborhood: Belltown

Do you recognize this unit?  Unit #411 at Mosler Lofts, is back on the market with the legal owner titled as “Federal Natl Mtg Assn Fnma” (Fannie Mae). It is the federal government that is now selling this Seattle condo.  Interesting huh?  We’ll see a lot more of these in the future as well.

With this particular unit, listed at $295,800, they are offering what is referred to as “HomePath” financing.  HomePath allows a borrower to purchase a Fannie Mae-owned property with a low down payment.  It also allows more flexible mortgage terms, it does not require a lender-requested appraisal and there is no mortgage insurance as well.  In addition, there are expanded seller contributions to closing costs in certain transactions.  According to the HomePath Financing website, the benefits to a borrower are as follows:

  • Low down payment and flexible mortgage terms (fixed–rate, adjustable rate, or interest–only).
  • Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
  • No lender-requested appraisal.
  • No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
  • Expanded seller contributions for closing costs allowed.
  • Available for primary residences, second homes and investment properties.
  • Many condo project requirements are waived; ask your lender for details.

Have more questions?  Don’t be afraid to ask.