Fannie Mae Discontinuing the HomePath Program

FNMA has announced the discontinuance of the HomePath and HomePath Renovation products.   Any FNMA owned property,  wishing to use the current enhancements such as no MI and no appraisal,  must have the contract of sale executed on or before October 6, 2014.     All loans with a fully executed contract dated on or before October 6, 2014 can use the existing features, although the loan will need to close sometime in January/February 2015 (final date to be determined).

The HomePath Program also allows for 10% down investment property with NO PMI. This will also go away leaving only the minimum 20% down for investment property that is available with current guidelines

After October 6^th, FNMA owned properties must use other financing options.   If a renovation product is requested, it must follow either the HomeStyle or 203K program guidelines.  The HomeStyle renovation program is not impacted by this change.    

I am not sure why there is this change, this program certainly does allow for some less than perfect homes to be financed without the need for repairs or rehab programs.

Have a great week!

Rob

Robert Rauf

Mortgage Loan Originator NMLS ID# 248937

http://www.homebridge.com/RobertRauf or my blog: http://activerain.com/blogs/rrauf

Office: (732)908-4868 RRauf@HomeBridge.com

Since 1987 I have been helping my clients fulfill their dream of home ownership! HomeBridge Financial Services, Formerly REMN, HomeBridge Financial Services is located at 16 Madison Avenue, Building 2 Suite 2D Toms River, NJ 08753. NMLS #6521. New Jersey Licensed Lender and Mortgage Banker #L041053. Visit www.Homebridge.com for more information. NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey, Toms River NJ 08753, Toms River NJ 08755, Brick NJ 08723, Brick NJ 08724 Mortgage in Ocean County NJ, Mortgage in Monmouth County NJ, Jackson NJ 08527, Howell NJ 07731, Lacey 08731 08734, Beachwood Bayville 08722 08721, Manchester 08757 08733, Manahawkin 08050, Robert Rauf is a Licensed Mortgage Loan Originator in New Jersey.