HomePath Mortgage Loans
HomePath Mortgage Loans are a special type of mortgage loan program developed by Fannie Mae. The HomePath mortgage loan program was created by Fannie Mae as a solution to sell the housing inventory Fannie Mae had in its inventory. Homepath mortgage loan are available for both owner occupied properties, second homes, and investment homes. A primary owner occupied home buyer can qualify for HomePath Mortgage Loan with as little as a 3% down payment. An investor can qualify to purchase a HomePath Fannie Mae foreclosure home with as little as a 10% down payment.
No Appraisal Needed And No Private Mortgage Insurance On HomePath Mortgage Loan Programs
Foreclosed Fannie Mae properties that is available via the HomePath mortgage loan program do not require private mortgage insurance nor does it require an appraisal. If you are interested in a Fannie Mae HomePath property, visit Fannie Mae HomePath website at www.HomePath.com .
Fannie Mae HomePath Mortgage Loan Highlights
Some of the major benefits of Fannie Mae’s HomePath mortgage loans are the following:
1. 97% loan to value mortgage loans for owner occupied residential homes.
2. 90% loan to value mortgage loans for second homes and investment homes.
3. No appraisal required.
4. No private mortgage insurance required.
5. There is a minimum credit score requirement. 620 credit score for loan to value properties of 80% or lower and a minimum credit score of 660 for loan to value of 80% or higher.
6. Mortgage loan borrower needs a Fannie Mae DU Automated Underwriting System approved eligible status.
7. There is a maximum 45% debt to income ratio requirement.
8. Condominiums qualify as long as the condo complex has sufficient fidelity and master hazard insurance and flood insurance if it is in a flood zone. HO6 insurance is also required.
2015 UpDate On HomePath Mortgage Loan Program
Fannie Mae has discontinued the HomePath Mortgage Loan Program in 2014. HomePath Mortgage Loans are no longer available today. However, Fannie Mae still has HomePath homes available. Home Buyers of HomePath homes need to seek other forms of financing. Home Buyers can still purchase HomePath homes by Fannie Mae with Conventional Loans, FHA Loans, VA Loans, USDA Loans, and portfolio loans.