Fannie Mae Home Path Financing in Utah

By
Mortgage and Lending with Bank of Utah

I came across an amazing mortgage loan program the other day that I think deserves a blog post. It's the Fannie Mae Home Path program, which is mortgage financing for properties that are owned by Fannie Mae. These are homes that Fannie Mae has repossessed due to people not making their mortgage payments and they offer this special mortgage program as an incentive to home buyers.

Some of the features of this program are...

     - minimum down payment option of 3%
     - No monthly mortgage insurance, even with just 3% down
     - No appraisal or inspections required
     - 10% down payment option for investors (no monthly mortgage insurance!!)
     - Gift funds for owner-occupied properties allowed
     - 30 year fixed, 15 year fixed, 3/1, 5/1, 7/1 ARMS available
    

Some of the requirements of this program are...

     - 660 fico credit score if over 80% LTV
     - 620 minimum fico score minimum
     - 45% maximum DTI (50% max with strong compensating factors)
     - property must be on this website to qualify

In Cache County, Utah there are currently 12 homes that are available to purchase through this program. They can be found here. Some of these home are very nice homes and through the homepath financing program, they are more affordable than ever. Give me a call at 435-755-2177 or 435-770-2709 if you are interested in this program or would like to get pre-approved.

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About the Author

John Neil is a loan officer that is passionate about his profession. His goal with every transaction is to make a customer for life. The result is that 95% of his business comes from referrals of satisfied clients. If you need a cache valley mortgage, you can contact John at 435-770-2709. You can also follow him on twitter @LoganUTMortgage or facebook @facebook/MortgageNerd

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Rainmaker
70,752
Loan Survivor Real Estate Financing Expert
Purchases, First Time Buyers, Pre-Approvals, Refinance - Birmingham, MI

John you're right this is a great program.  Just have to be careful as not all lenders offer the version that allows repairs.

Sep 22, 2010 12:31 AM #1
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Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

John: It's true. This can be a great program; especially for first-time homebuyers. Thanks again for your gift of "The Go-Giver" sometime ago. It ranks right up there with my all-time favorites. Take care.

Jun 14, 2012 12:55 AM #2
Rainmaker
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nathan griffin
nathan services inc - Austin, TX
The Services You Need to Succeed

It would be nice if we had something along this line in Texas.  I can still see how this could still have limitations for what I'm specifically trying to do with my commercial buyouts.


Sep 05, 2013 03:41 AM #3
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Rainmaker
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