With the HomePath mortgage program, more people looking for a new home may be able to make a purchase and become home owners! Fannie Mae, a government-sponsored enterprise that helps increase the availability of homeownership to low- and moderate-income buyers, owns properties that may be designated as eligible for a HomePath mortgage. Only Fannie Mae-owned properties are eligible for this special financing.
Benefits of the program include:
- 15- and 30-year fixed-rate options and 5/1 and 7/1 LIBOR ARM options
- Primary residences, second homes and investment properties are eligible
- Up to 97% financing on a primary residence
- Up to 90% financing on a second home
- Up to 85% financing on an investment property
- No appraisal required
- No condo or PUD warranty required
- All loans are run through DU with an Approve Eligible
- Up to 6% seller contributions permitted on primary residence and second home
- Minimum FICO 620
- Gift funds can be used for entire down payment in some circumstances
- No PMI required
HomePath can be a great alternative to FHA if you want options. Contact me for more information.