HomePath Mortgage 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. Expanded seller contributions to closing costs are allowed. Currently Fannie Mae is offering up to 3.5% of the purchase price as credits towards borrowers closing costs on a property.
What few people know is that you can even use this program to finance renovations to a property that you would like to buy and make repairs to. Did you know you can get Fannie Mae to give you up to $35,000 to repair a HomePath property you are in contract to close on and buy?! That is right! Fannie Mae will GIVE you money to make repairs on your new home in California.
Download the HomePath Renovation Details Here and share it with your borrowers and clients.
Benefits to You, the Borrower
- Low down payment and flexible mortgage terms (fixed–rate, adjustable rate, or interest–only).
- Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
- No lender-requested appraisal.
- No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
- Expanded seller contributions for closing costs allowed.
- Available for primary residences, second homes and investment properties.
- Many condo project requirements are waived; ask your lender for details.
- For more information, contact a HomePath us today.
Until Next time Here is to your success! Jason Wheeler