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Fannie Mae HomePath Financing
What is a HomePath Loan?
HomePath is a loan offered by only by Fannie Mae on homes owned by Fannie Mae. Fannie Mae offers these homes for sale at a significant discount and has developed the HomePath loan to provide extremely attractive financing for the home buyer. This strategy helps provide great value to the home buyer, and thus Fannie Mae is able to sell the home faster. There is no appraisal required and never any mortgage insurance required regardless of the loan to value. HomePath is avilable for Owner Occupied, Second Homes and Investment property.
HOW DO I QUALIFY?
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Up to 97% LTV Financing Owner Occupied with 660+ Credit Score
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Up to 90% LTV Financing, Second Home and Investment with 660+ Credit Score
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Up to 80% LTV, Owner Occupied, Second Home and Investor with 620+ Score
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First Time Home Buyers OK
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Down Payment can be from a gift, grant or loan from a non-profit, state/local government or employer
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Gifts from a family member are also allowed
HOME PATH LOAN DETAILS:
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No Mortgage Insurance regardless of LTV or property type
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No Appraisal Required
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NEVER any Mortgage Insurance
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6% Seller Contributions Allowed
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30, 25, 20, 15, and 10 Year Fixed Terms
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10/1, 7/1, 5/1 and 3/1 ARMS
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No Income Limits
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No Geographical restrictions
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The home must be listed on www.HomePath.com and must have the Home Path Mortgage/Renovation Mortgage symbol (cannot have JUST the Renovation symbol
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