The HomePath Mortgage Program is a GREAT program if you are looking to purchase a Fannie Mae foreclosure. The HomePath program is only for Fannie Mae foreclosures. The benefits are:
- No mortgage insurance- this allows you to buy more home and/or have a lower mortgage payment
- No Appraisal- this saves the buyer the cost of an appraisal. More importantly it allows your buyer to buy a home that may need some minor work/repairs. Fannie Mae wants to sell these homes and by not requiring an appraisal it allows the home to get financed without having to fix any issues
- Down Payment is as little 3%
- Seller contribution is allowed to go up to 6%, or 9% with a 25% down payment
- Real Estate Investors qualify for just a 15% DOWN PAYMENT, this is great since investment property loans now require a 20-25% down payment.
Please keep in mind you must qualify for a conventional loan to qualify for this program and have a minimum fico of 660 for the lower down payment options and min 620 score for 20%+ down payment. Most MLS listings mention if the home qualifies for the HomePath program, but if you would like to check to see if a property qualifies you can go to www.homepath.com. Call me today to make sure you are getting the best mortgage possible.
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