The 227,000-member Kinecta Federal Credit Union has joined the small number of financial institutions approved by Fannie Mae for its HomePath Mortgage program, an effort the organization has launched to help it move some of the thousands of properties it currently holds.

The HomePath Mortgage program allows purchasers of Fannie Mae-owned properties in the HomePath program to have lower down payment options and not face lender-required appraisals or mortgage insurance requirements, the CU said.

“Kinecta is constantly looking for ways to offer more affordable financing options to potential homeowners," said Brian Robinett, senior vice president and chief credit officer at the $3.5 billion credit union in Manhattan Beach, Calif.

"With the HomePath Mortgage, borrowers receive special financing terms on single-family homes, condominiums and townhouses in a variety of neighborhoods. It's a great option for virtually anyone looking for a home, from first-time homebuyers to experienced investors," Robinett said.