The HomePath Mortgage Program offers buyers a mortgage opportunity with incentives. HomePath Financing applies to both single family homes and condominiums that have been repossessed by Fannie Mae. This program is intended to help clear the thousands of FNMA foreclosed properties off the books while providing great incentives for buyers, including owner occupants and investors.
“The unique thing about this program is that borrowers can purchase one of these homes with only 3% down. In addition to the small amount down there will be no Private Mortgage Insurance.” stated Todd Wheeler of Homeservices Lending, an affiliate of Wells Fargo and HomePath Lender.
Other Benefits Include:
Flexible mortgage terms (fixed-rate, adjustable rate, or interest-only)
Lower credit scores required (Minimum Score 660)
Investors are required to make a 10% down payment with 5% of the down payment coming from the investors own funds. Normal credit scores apply. Investors can purchase up to 4 Fannie Mae owned properties through HomePath financing.
The 3% down payment for owner occupied properties can be a gift or grant, a loan from a nonprofit organization, state or local government of employer.
The Seller can contribute up to 6% toward the buyers closing costs and pre-paids
No appraisal
No Condo Questionnaire required
The HomePath Mortgage Program applies as long as the property is designated by FNMA on the HomePath website.