I just got an email from our Head Underwriter: "It's almost October! Pennant races, pumpkin bread, and the END of HomePath.
REALTOR friends, you're under the gun if you have buyers looking at HomePath properties. You have until October 6, 2014 to get a signed contract.
Explanation:
The FNMA HomePath program has been a variance program offered to select FNMA Sellers. That variance is ending for all sellers and FNMA is incorporating the HomePath program into its “regular” FNMA product mix (minus certain flexibilities).
The new HomePath (after October 6 contract date) will require:
1) Appraisal on all properties
2) Mortgage Insurance > 80% LTV
3) Standard FNMA investment property LTVs
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