[Note from SimplyDoIt: I could not find any info about this program on homepath.com]
With low down payments, no appraisal fee and no mortgage insurance, why not?
By James Kimmons, About.com Guide

At Homepath.com, Fannie Mae provides a search site for homes pre-qualified for their Homepath Mortgage and possible financing of the renovations as well for real estate investors. Here are some of the highlights:

• Low interest rates for fixed-rate, adjustable-rate, and interest only loans.
• 3% down payment, and can be borrowed money.
• No appraisal fees.
• No mortgage insurance (higher rates).
• Companion Homestyle Renovation Mortgage product for investors.

With thousands of homes already approved for this program in states like Florida and Arizona, there are also a great many in other states, as foreclosures are pretty much everywhere. Searching the Homepath site, you’re going straight to the homes that can be purchased under this program, and there is a nice selection, with all of the details about each.
Read full article on realestate.about.com