Fannie Mae HomePath

[Mark Smith]

I found a property today that I became really interested in.  It is a REAL fixer-upper.  It is a foreclosure, and the sign that the realtor hung by the road says Fannie Mae HomePath financing available.  Upon calling the realtor, he said Fannie Mae no longer offers this financing, the house must be purchased for cash, and restoration must be completed professionally within 6 months.

Here is a random collection of my thoughts:  Is there any other way to finance this property?  Because I certainly don't have $60k.  Between my family and my girlfriend's family, we have enough talent to do the work on our own, but we are not "professionals."  Could a private lender work for this?  How can I find one in my area?

This house could be renovated into a gorgeous home.  I could rent it out or even live in it myself.  I know the BP community will have more knowledge on this sort of situation, so I welcome any and all thoughts and advice.  I was bummed when the realtor said "cash purchase only."

[Eugene Kemp]

If you purchase with cash, how can they require anything like completing repairs in 6 months??? That makes no sense to me.

Furthermore, I think you need to consult a different realtor. The Homepath program is still very much alive. Go to the Homepath dot com website and put in your zip code and see if that particular property is on the list.

Hard money if you don't have the cash might be an option.