Fannie Mae Home Path Mortgage program
Now available at Freedom Mortgage (732) 938-2252
The HomePath® Mortgage Program is a special financing program to allow purchasers expanded underwriting flexibilities for Fannie Mae Owned (REO) properties in which Fannie Mae has deemed eligible for the program.
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Properties must be designated as eligible for HomePath financing by Fannie Mae on the website: www.homepath.com
Low down payment and flexible mortgage terms - Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a secured loan from a nonprofit organization, state or local government, or employer
- No appraisal required
- No mortgage insurance
- Available for primary residences, second homes, and investment properties
LTV/CLTV & Credit Score Requirements
• Up to 97% LTV financing available on primary residences!
• Up to 90% LTV financing available on second homes and investment properties
Minimum credit score of:
- 620 for loans up to 80% LTV
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660 for loans between 80.01 and 97% LTV
• No mortgage insurance is required regardless of LTV. However, FannieMae required price adjustments will apply in lieu of MI for LTVs greater than 80%.
• No Appraisal Fees! No Appraisal Required. Fannie Mae contract salesprice is used to determine LTV/CLTV/HCLTV. Absolutely no appraisalinformation is allowed; otherwise the loan is ineligible for the HomePath program.
Terms available are:
• FNMA 15YR HomePath
• FNMA 20YR HomePath
• FNMA 30YR HomePath
• FNMA 3/1 ARM HomePath
• FNMA 5/1 ARM HomePath
• FNMA 7/1 ARM HomePath
To obtain a buyers guide from Fannie Mae, click here: http://www.homepath.com/homebuyers/buying_fanniemaeowned.html
Fannie Mae's innovative First Look period contributes to neighborhood stabilization by encouraging home ownership. During this period, owner occupants, public entities, and their partners can submit offers and purchase properties without competition from investor offers. http://www.homepath.com/incentive/index.html#first-look
The First Look period is typically the first 15 days a property is listed on HomePath.com. Properties within the First Look period now include a countdown clock on the property details page, which displays the number of days remaining for owner occupants and public entities to submit offers.
If the property remains available for sale after the expiration of the First Look period, investor offers may be submitted and will be considered along with all other offers.
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