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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. 

 

 

 

David Krichmar 

Mortgage Banker/Broker

Schmidt Mortgage Company

Office:832-689-6012

David.Krichmar@gmail.com

www.DaveYourMortgageGuy.com

For More Mortgage Info Follow me at  Dave's Blog

DaveYourMortgageGuy.com is Voted the #1 Mortgage Company in Houston, Texas.  2010

If you are looking for a mortgage in Fort Bend County, Sugar Land, Houston, Katy, Harris County, Brazoria County, Pearland, The Woodlands, Montgomery County or anywhere in Texas I am your GUY!

 

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