HomePath Mortgage Loan
The Fannie Mae HomePath mortgage loan program is new from Fannie Mae and is intended to assist potential buyers of Fannie Mae homes with the best possible financing option. The HomePath mortgage is a great deal, but is only available for homes that are currently owned by Fannie Mae – meaning they are bank-owned properties.
HomePath Mortgage Loan Financing
There are two versions of the HomePath mortgage program, the regular HomePath mortgage and the HomePath renovation mortgage. The regular HomePath mortgage is designed for people who are planning on buying a property that is “move-in-ready” and not in need of repairs. You will often see homes that are eligible for this with the logo seen above somewhere on the sales sheets and information about the HomePath program will usually be in the remarks section of the Multiple Listing Service that is used by the Realtor.
HomePath mortgage loan benefits include:
- Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
- You may qualify even if your credit is less than perfect
- Available to both owner occupiers and investors
- Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
- No mortgage insurance
- No appraisal fees
- No declining markets policy
- No more than 10 financed properties
- No prepayment penalties
To learn more about the HomePath mortgage program and whether or not you can qualify, be sure to contact one of our HomePath mortgage experts today!
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