HomePath Mortgage

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
  • Low Down Payment
  • Seller contributionis allowed to go up to 6%, or 9% with a 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.  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.