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The HomePath Mortgage Program is
a financing program which allows lenders to offer a special
loan terms that make the process of buying Fannie Mae-owned
real estate easier. Some of the benefits are summarized
below.
The advantages of HomePath mortgages are:
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Available to both owner
occupiers and investors |
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Down payment (at least 3
percent) can be funded from savings; a gift; a
grant; or a loan from a nonprofit organization,
state or local government, or employer. |
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Nomortgage insurance
regardless of down payment |
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No appraisals can be
ordered by the lender |
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No condominium project
review aside from obtaining an insurance binder |
Some disadvantages of HomePath mortgages are:
● Rates and monthly payments are typically higher than
Conventional or FHA Financing
● Property must be listed on http://www.homepath.com to be
eligible
As HomePath Loan specialists we can help you understand any
new changes to this Fannie Mae Loan program and help you
decide if this is the right financing solution. We're here
to create a customized solution that works best for you and
your family. |
