Fannie Mae's Homepath Program Information
Fannie's HomePath program lets borrowers put down as little as 3%, without paying for mortgage insurance. There are of course lender "add-ons" that need to be considered and factored when comparing this program to your standard FHA.
Here is a link to Fannie Mae's site in which you may obtain more details and a list of lenders cooperating with this program:
http://www.fanniemae.com/homepath/financing/index.jhtml
- Allows for lower FICO scores on high LTV (Loan To Value) loans. (660/avg)
- Appraisals, a traditional prerequisite for getting a mortgage, are optional under HomePath.
- Fannie's inventory is about 87,000 homes currently. This means they have taken these homes back and under their charter, have the ability to offer flexible terms not traditionally availble.
- 28 lenders around the country originate HomePath loans, then sell them to Fannie.
Click here to find HomePath Mortgage Lenders (listed by state!):
http://www.fanniemae.com/homepath/financing/lenders.jhtml
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