What's a Homepath?

By
Mortgage and Lending

A Homepath is a great type of mortgage brought to you by our good friends at Fannie Mae!

Homepath is Fannie's way of trying to sell off homes that they own and they make a pretty sweet deal, at least through October 21st any way.

Here's the deal, with at least a 660 mid FICO score you can:

Purchase one of their homes for just 3% down.

No Mortgage insurance.

No formal appraisal.

Through October 21st they will give you up to 3.5% of the sale price in closing costs.

The down side: You will get an interest rate approximately 1% over market. If you do the math it still works in your favor.

So ask your Realtor about Homepath homes in your price range and geographic area, you could find a great deal.

 

 

Posted by

JPT......out.

816.820.4471

johnthompson@openmtg.com

www.kcmortgage1.com

Comments (2)

Pat O'Reilly
RE/MAX..214-289-6176 Irving and all of Dallas Fort Worth - Irving, TX

Good information. Thanks for the post and have a great wek.

Sep 06, 2011 01:08 PM
Pat Fenn
Marketing Specialist for CJ Realty Group/Cindy Jones Broker - Springfield, VA

Thanks for the information.  Fannie Mae is trying to make it attractive to buy their REO properties.

Sep 06, 2011 01:15 PM