The HomePath Mortgage Program is a GREAT program if you are looking to purchase a Fannie Mae foreclosure. The HomePath program is only for Fannie Mae foreclosures. The benefits are:
No mortgage insurance- this allows you to buy more home and/or have a lower mortgage payment
No Appraisal- this saves the buyer the cost of an appraisal. More importantly it allows your buyer to buy a home that may need some minor work/repairs. Fannie Mae wants to sell these homes and by not requiring an appraisal it allows the home to get financed without having to fix any issues
Down Payment is as little 3%
Seller contribution is allowed to go up to 6%, or 9% with a 25% down payment
Real Estate Investors qualify for just a 15% DOWN PAYMENT, this is great since investment property loans now require a 20-25% down payment.
Please keep in mind you must qualify for a conventional loan to qualify for this program and have a minimum fico of 660 for the lower down payment options and min 620 score for 20%+ down payment. Most MLS listings mention if the home qualifies for the HomePath program, but if you would like to check to see if a property qualifies you can go to www.homepath.com. Call me today to make sure you are getting the best mortgage possible.
If you are buying a home in Harris County, Brazoria County, Fort Bend County, Montgomery County, Sugar Land, Katy, Houston, The Woodlands, Pearland, Conroe or any part of Texas call me today to find out why a HomePath loan maybe best for you.
Weststar Mortgage dba Core Lending
If you are looking for a FHA, VA, USDA, Homepath, Conventional, Jumbo, Construction, FHA 203k mortgage in Fort Bend County, Sugar Land, Houston, Katy, Harris County, Brazoria County, Pearland, The Woodlands, Kingwood, Tomball, Spring, Conroe, Montgomery County or anywhere in Texas I am your GUY!
