NEW HOMEPATH PROGRAM
Fannie Mae Home Path is a great new program available for those who would like to purchase a foreclosure home but don’t have a lot of cash to put down. The program includes options for investors as well. The three versions of the HomePath program are listed below.
Fannie Mae HomePath is now available and has excellent benefits to include the following.
- Up to 95% financing available
- No Mortgage Insurance required
- One Loan
- Appraisal is not required
- Seller contributions up to 6% are permitted for Loan To Values (LTV) of 75% -95% (97% on the Flex program)
- 15 & 30 year fixed rates
The HomePath Program (basic):
· Owner occupied Single Family Residence 95% Loan to Value or less with a 660 credit score. (For investors, Multi Unit financing available, please call for details.)
· Second home single unit, 90% Loan to Value or less with a 660 credit score, or 80% Loan to Value with a 620 score
· Single unit Investment 85% Loan to Value or less with a 660 score, 2-4 units 75% loan to value with a 620 score
Home Path Flex:
- Owner Occupied single unit only, 95%-97% Loan to Value with a 660 credit score
- Minimum borrower contribution 3% or $500, remaining down payment may come from flexible sources. (flexible sources include gift funds from relative, domestic partner or fiance’)
Home Path High Balance over $417,000:
- Owner Occupied single unit 90% Loan to Value or less with a 700 credit score, 75% Loan to Value with a 660 score
- 2nd home & single unit investment property 65% loan to value or less with a 740 score
How do I qualify for this program?
A. You must call an approved lender such as myself to do get pre-qualified to purchase a home in this program, not every lender is approved to handle the financing for these properties.
Are these properties in bad condition?
A. Not necessarily. They are just homes that have been foreclosed and now owned by Fannie Mae.
How do I find out where to find these homes?
A. These homes can be found on the website www.HomePath.com and must be listed on this site in order to qualify for this particular financing.
This is an excellent opportunity to take advantage of competitively priced homes with flexible financing terms and no appraisal required. Only 5% down for a single loan, no mortgage insurance and up to 6% assistance for closing cost from the seller.
Again, not all lenders are approved to offer financing for these homes, so please call me right away if you are interested in taking advantage of this opportunity and contact VR SAM to assist you with the showings.
Thank you,
Susan Wallace
PRMI/Jacob Dean Mortgage
571-283-1337