HomePath Loans
As the nation has went through the housing boom and moved into the housing bust – no organization currently owns more homes than Fannie Mae. To help drive demand for home buyers to want to buy this inventory, Fannie Mae has come out with a special financing program called HomePath Mortgage Financing where people who buy homes currently owned by Fannie Mae can get a special deal on HomePath mortgage loans.
HomePath Loans: Advantages and Benefits
A few of the benefits of getting a HomePath loan from FannieMae when buying a home that is owned by FannieMae include:
- Low down payment
- Flexible mortgage terms including fixed-rate, adjustable-rate, or interest-only options
- Less than perfect credit is okay
- Get a HomePath loan whether you are going to live in the house or buy it as an investment
- Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
- No mortgage insurance required on HomePath loans
- No appraisal required on HomePath loans
- HomePath Renovation Mortgage options available for homes that need repairs
- Many lenders to choose from to get a HomePath loan
HomePath Renovation Mortgage Loans
When a property goes into foreclosure and is given back to the lender, it is common for it to need a few repairs. For homes in this condition, Fannie Mae developed a special financing program called the HomePath Renovation mortgage loan and is available only for people who want to occupy a property as a primary residence.
Homepath Renovation Loan Benefits
Just a few of the benefits of the HomePath Renovation mortgage loan program include:
- Financing to fund both your purchase and light renovation
- Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
- Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
- Mortgage insurance is not required
- Several lenders offer HomePath Renovation Mortgage financing
