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HomePath Mortgage vs FHA Loan- Which is best for you?
Most buyers who I work with and who ask this question, just automatically assume that the HomePath Mortgage must be the best route for anyone and everyone.  David's simplified explanation should help buyers to weigh the difference between the two.
 
Often I am asked which is a better loan for a homebuyer, A HomePath Mortgage or a FHA Loan?  It is actually not a clean cut answer for everyone.  So I wanted to take the time to go over the benefits of each.  And what you need to think about when making a decision between a HomePath or FHA mortgage.  Keep in mind this is only in regards to buying a Fannie Mae Foreclosure. 
HomePath Mortgage
The HomePath Mortgage Program is a GREAT program if you are looking to only purchase a  Fannie Mae foreclosure.  The benefits are:
No mortgage insurance- this allows you to buy more home and/or have a lower mortgage payment.  To offset the lack of mortgage insurance the interest rate will be much higher than FHA loans No Appraisal- this saves the buyer the cost of an appraisal($400+).  More importantly it allows the buyer to buy a home that may need some minor work/repairs.  Fannie Mae wants to ... more

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