HomePath Financing . . Possibly A Great Alternative To FHA
HomePath is a special designation given by Fannie Mae to properties in their portfolio that have been foreclosed on. Fannie Mae goal is to sell these properties in a timely manner in order to minimize the impact on the community. Houses labeled with a HomePath tag become eligible for special financing.
HomePath Mortgage – Benefits to You, the Borrower :
• 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.
HomePath Renovation Mortgage – Benefits to You, the Borrower:
• Low down payment and flexible mortgage terms (fixed- rate or adjustable-rate).
• 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.
• Renovation amount based on appraisal “as completed” value.
• 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
Keep in mind not all lenders do HomePath loans and not all properties on the market are eligible for HomePath loans. They must be Fannie Mae owned properties where the listing agent has identified the property as being eligible for HomePath Financing. Now if you are interested in seeing if you are eligible for a HomePath loan contact me and I will put you in touch with a lender that offers this type of loan.
