Overview of HomePath Financing: "HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed."
Overview of HomePath Renovation Financing:"HomePath Renovation Mortgage allows a borrower to purchase a property that requires light to moderate renovation. The one loan amount includes both the funds for the purchase and renovation – up to 35% of the as completed value, no more than $35,000."
If your home buyers are looking for low down payments on a primary residence, this is the program to look at. As a primary residence, down payments are as low as 3% (That's lower than FHA). The down payment can be from the buyer's savings account, a gift, a grant, an employer... pretty flexible for a loan these days.
Breaking News: Attention Investors! In addition to great down payment options as for buyers looking for their primary residence, this program is amazing for investors. This program allow ONLY 10% down for investment properties. Let me really spell out how great this program is. Your sale price is $200,000. Your improvement portion of the loan is $20,000. Your down payment can be as low as $20,000. Yes - that's 10% of the sales price, not the loan amount. How do you beat that? Most programs require you to be at 20% down payment. If you have a list of buyers who are avid investors, YOU NEED TO GET THEM ON THIS PROGRAM.
Our customer's love this program, so will yours. If you have any questions about HomePath Financing, I'd love to help answer them for you. The more we can help out our customers, the better this real estate market becomes for all of. Check out HomePath.com to search for HomePath qualified homes.
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