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HOMEPATH FINANCING: Mixed blessings
 Old Fannie Mae, bitter old biddy that she is, finally opened her arms to more buyers with the Homepath financing program.  In economic times as these, Auntie's Fannie's kindnesses must be just the kind of blessing that are going to allow buyers that were previously unqualifiable to enter the real estate market...or is it?
At first glance, Homepath seemingly removes some expensive hurdles for the home buyer:
*3% minimum down payment
*no mortgage insurance required                                                       
*no appraisal required                                                                                                                  
 
Theoretically, this should reduce the amount of cash needed to get into a home.  As an added incentive, Fannie is willing to pay 3.5% in closing costs, as well as offering an agent bonus for loans that close before October 31st of this year.  Happy day!  Houses for everybody!
There are only a few issues we should discuss before we start handing out keys...
1. A minimum credit score of 660 is needed for 3% down payment for most lenders.
2. Did we mention that you'll have an elevated interest rate, and will have to pay significant discount points to get into the home?
 
This morning, pricing out a Homepath condo for my buyer, I discovered that the best rate ... more

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