These homes may be a great opportunity for borrowers that have little money for a down-payment, first-time homebuyers, buyers looking for a fixer-upper, investors and more. Now you can help even more borrowers make homeownership a reality.
Key HomePath Mortgage Features:
- Low down payment - up to 97% financing for primary residence and up to 90% for investment property
- No MI required; however specific MI adjusters apply
- Fixed rates, ARMs and Interest-Only payment feature available
- May be available to buyers with less-than-perfect credit
- Eligibility for high balance conventional loans
- Eligible properties include primary residences, second homes and investment properties
- Minimum credit score requirements are as follows:
o 660 required for LTV > 80%
o 620 required for LTV <= 80%
Down payment can be funded by a borrower’s own savings; a gift; a grant; or a
loan from a nonprofit organization, state or local government, or employer (very similar to FHA guidelines, but without the additional FHA MI costs...).
· Purchase transactions only
· No appraisal required
Make your buyers aware that you can now provide a HomePath Mortgage option to compare to FHA. And even if a HomePath loan isn’t right for them, our other products or programs may fit their needs. Let me know if you would like a side-by-side comparison. I'd be happy present that to you!
You can go to http://www.homepath.com/ to search for direclty for eligible Fannie Mae properties, or contact me directly and I can help!