Posted by Jason Wheeler | Subscribe
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.
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Download the HomePath Renovation Details Here and share it with your borrowers and clients.
If you would like to find a HomePath property in the CA Contra Costa East Bay Area you can search for qualified properties in Contra Costa and surrounding Counties here
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.
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Until Next time Here is to your success! Jason Wheeler
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