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:
- Available to both owner occupiers and investors
- 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.
- No mortgage insurance regardless of down payment
- No appraisals can be ordered by the lender
- 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.