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Jeff Hutchison's Blog

By Jeff Hutchison nlms#97046 | Mortgage Broker
or Lender in Chicago, IL

Fannie Mae HomePath guidelines and rates




Update 11/14/2011

30 Year fixed rates 4.0% on the Fannie Mae HomePath loan for primary residences with excellent credit.  5/1 and 7/1 arms available with 3% down and NO PMI.  Get guidelines and rate quick quotes at
http://www.mychartermtg.com/fanniemae-homepath.html


Update 06/15/2011

30 Year fixed rates 4.5% on the Fannie Mae HomePath loan for primary residences and great credit.  5/1 and 7/1 arms available with 3% down and NO PMI.  Get guidelines and rate quick quotes at http://www.mychartermtg.com/fanniemae-homepath.html



Update 06/09/2011

We are still able to offer investment financing on the HomePath loan program only (not the renovation loan) with 15% down and NO PMI.  Most companies able to offer Fannie Mae HomePath financing are now requiring a  20% - 25% down payment on investor properties.

Restrictions are:  may not own more than 4 properties including the property to be financed.  Must have a 620+ credit score.


****ALSO offering expanded level approvals with Debt to Income ratios up to 50% on primary residence and second home.  Expanded level approvals at 80% max ltv and 620 minimum credit score.  Fixed rate only.
  

****ALSO offering loan amounts up to the high balance limit in high cost/high balance areas.  Up to 90% ltv (10% down) with 700+ score, up to 75% ltv with 660+ score.  75% max ltv with 680 score on ARM products. 

Can lend in all 50 states.  Direct lender and Better Business Bureau A+ rated National Bank.  

 




Update:  03/02/2010


We are still able to offer investment financing on the Fannie Mae HomePath loan program with only 10% down and NO PMI.  Most companies able to offer Fannie Mae HomePath financing are now requiring a  20% - 25% down payment on investor properties.

Restrictions are:  may not own more than 4 properties including the property to be financed.  Must have a 660+ credit score.

Can not be a renovation property, must not need renovation financing per homepath.com

Thousands of properties available for investors with only 10% down, NO PMI, and NO appraisal.  All properties financed through us come with a warranty. 

All loan terms are available:  30 year fixed, 20 year fixed, 15 year fixed, 5/1 arm, 7/1 arm, 10/1 arm.  Rates are near all time lows now.  Contact a Senior Loan Officer for Details.
 
 


Press Release:  02/01/2010 - Fannie Mae is now contributing 3.5% of the purchase price towards closing costs and/or energy efficient appliances on all Fannie Mae REO's.  Our agents have typically been able to get Fannie Mae to pay all costs to avoid PMI with only 3% down payment. 

Adjustable rate mortgages are now also being offered on Fannie Mae Homepath rates with loans fixed at periods ranging from 5 years to 10 years.  This will give buyers a lower mortgage rate and payment while providing a safey net for the 7 year and 10 year fixed rate period on the adjustable rate mortgages. 

Example:  7/1 fannie mae homepath arm rate is 4.25% fixed for first 7 years.  Fannie mae pays 3.5% towards costs.  Buyer has a rate fixed at 4.25% for 7 years with NO PMI while putting only 3% down on the property - This is available on a Primary Residence Only at 3% down.
 


The Fannie Mae HomePath loan program is a very specific loan program developed by Fannie Mae to make financing easier for purchasers of Fannie Mae Real Estate Owned Foreclosures.  It is available only on Fannie Mae REOs and allows borrowers to put only 3% down with no PMI, and no appraisal is necessary on Primary Residences or 2nd Homes (2nd home buyers are required to put down a minimum of 5%).  The entire down payment on a primary residence can be a gift from a relative.  UPDATE 11/6/2009:  We require 10% down payment on 2nd homes. 


This financing is also available for purchasing a Fannie Mae REO as an Investment property but does have some limitations.  There is only a 10% down payment required when the total number of properties financed by one buyer is 4 or less, and includes the borrower's primary residence.  Once a borrower exceeds 4 financed properties the required down payment on the Fannie Mae HomePath loan program goes to 20% for investment properties. 


We can allow Fannie HomePath financing with credit scores down to 580 (minimum 20% down payment which can be a gift from a relative).  The minimum score required to waive PMI is 660 and in some cases 680. 


There are two types of Fannie Mae HomePath loans.  One is atraditional type of conventional loan and the other is a renovation style loan program.  The renovation loan allows for repairs to be escrowed into an account held by the attorneys for repairs to be completed by a licensed contractor.  The monies held in the escrow account are distributed based on completetion dates for the various renovation projects on the property. 


The closing documents must be in the attorneys office no later than 48-72 hours prior to closing (depending on the attorneys closing the loan) for Fannie Mae HomePath financing.  This is because the settlement statement and deeds have to be signed off on by an authorized agent of Fannie Mae at one of their corporate offices.  It is crucial that the delivery meets these time frames.  This is partialy why we are a recommended provider of this relatively new program.
  


                            

We have been able to assist the real estate agents in getting fannie mae to pay the fees to eliminate PMI for the purchaser.  Rates and costs for Fannie Mae HomePath financing are based on credit scores and ltv.For example:  at 95% ltv with a credit score of 720+ there is a 2.5% fee to waive PMI.  With lower scores the fee to waive pmi will be higher but can be absorbed.  At 97% the fee is 3.625% of the loan amount to waive PMI.  Fannie Mae typically pays for this.


We have closed Fannie Mae HomePath loans at 3% down (which can be a gift from a relative) with no PMI at 5.0% 30 year fixed. There were no appraisals or appraisal fees.

Get a quick quote on the Fannie Mae HomePath loan with no social or personal information - or apply online for the best rate and terms you will find anywhere.  You will save in finance charges and closing costs with a lower wholesale rate vs. our competition. 




Fannie Mae HomePath rates

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