A Fannie Mae HomePath loan allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender requested appraisal and no mortgage insurance.
Fannie Mae HomePath loan allows expanded seller contributions to your closing costs. Start your home buying process today and have homeownership!
Fannie Mae HomePath Guidelines
As Fannie Mae owns a significant amount of foreclosed or HomePath homes, a specific type of financing was created to address this situation. While one does not need to use a HomePath loan to finance a HomePath home, it is a viable option for many homebuyers. One of the benefits of a HomePath loan is the fact that these loans only require a three percent down payment if one’s credit score is at a certain level. Moreover, this down payment can be funded entirely from savings or via a grant, a loan, or a gift. With a HomePath loan, mortgage insurance is not a requirement and there is a choice of either an adjustable rate, interest-only, or a fixed rate mortgage. In addition to using this type of financing on a primary residence, one can also use a HomePath loan to finance both second homes and investment properties. Also the HomePath Renovation Mortgage provides both the funds to purchase and to renovate with one mortgage loan. You can also use the financing of your choice from any lender, such as your local bank, credit union or other financial institution. We can assist you on finding a HomePath agent and lender. Apply now by clicking here.
- 620 minimum FICO under 80% LTV/660 minimum FICO over 80% LTV
- 3% minimum down payment required
- No foreclosures in last 7 years
- Primary residence, second homes, and investment properties
- Expanded seller contributions allowed
- No appraisal or mortgage insurance required
"Your Guide To Affordable Homeownership"