HomePath Financing

Over the past 11 months since this loan program became available, I have assisted many, many first-time home buyers and investors purchase homes using this loan program.  It's truly an amazing program. 

Just a few weeks ago I closed a loan on a condo where the HOA was in litigation.... Not a problem with HomePath. 

One home that I closed 3 weeks ago the appraisal come in really low with a different lender where they were doing an FHA loan, the buyer called me and we closed easily because this was not a problem with HomePath... we don't need to do an appraisal.

One home was missing all appliances, sinks, tubs, showers.... not a problem with HomePath.... no inspections required to be seen by the lender.

One of my investors had money to purchase 2 homes with a regular conventional loan with 20% down payment, but with HomePath Mortgage, they were able to purchase 4 homes with the same amount of down payment money because HomePath only requires 10% down payment for investment purchases (see restrictions below).

One of my buyers who was married needed to purchase a HomePath property using HomePath financing because his wife had horrible credit.  Before they got married she owned a home that went into foreclosure and could not qualify for anything.  She also had a lot of debt in her name.  Her new husband was able to apply for this mortgage in his name only, put 3% down payment and he didn't need to involve his wife's bad credit/high debt on his loan application.

HomePath® Mortgage Financing

This special financing is available on Fannie Mae homes with the following logo:

The benefits include:

• Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
• You may qualify even if your credit is less than perfect
• Available to both owner occupiers and investors
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
• No mortgage insurance*
• No appraisal fees

First Look for Fannie Mae Homes

First Look is designed to provide owner occupants and buyers using public funds a “first look” at Fannie Mae homes. Under First Look, Fannie Mae will only consider offers from owner occupants and buyers using public funds during the first 15 days a property is listed in the local multiple listing service (MLS). If the property is still for sale on the 16th day, investor offers may be submitted and will be considered.

To search for properties in your area visit:

http://www.homepath.com/

To get set up on a Property Alert:

http://www.homepath.com/alert.html

If you are interested in HomePath, please give me a call or send me an email.