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The Valeo-Croy Team - Deanna and Todd's Blog

By Todd Croy | Mortgage Broker
or Lender in Charlotte, NC

Home Path Loans - "Special Fannie Mae Foreclosure Loans" and Cunningham and Company

"To dare is to lose one's footing momentarily. To not dare is to lose oneself." - Soren Kierkegaard

Home Path Loans are a special program offered for purchasing foreclosures owned by Fannie Mae. Home Path Loans are a great opportunity for first time home buyers to get a higher loan amount without the added cost of mortgage insurance. Investors also can benefit buying homes with only 10% down payment and no mortgage insurance.

So what does a home path loan look like?

  • Minimum down payment of 5% for first time home buyers; the down payment amount can be a gift from relatives or others with no interest in the transaction. Typically they need to have some long relationship with you.
  • No need for an appraisal this saves $375-$450 in closing costs
  • Seller contributions up to 6% of the closing costs can dramatically limit the amount of funds needed to close.
  • No Mortgage insurance this can save over $100 per month and more for higher priced properties.
  • Credit score minimum of 660 FICO score. Traditional Fannie Mae or Freddie Mac loans will require 700+ credit score to get the best rates – Mortgage insurance is also quite hefty for 95% loans.

The maximum loan amount is $417,000 in the Charlotte MSA – for the right house the new buyer can save hundreds a month. Or have the same mortgage payment with fewer dollars for down payment.

The loans are restricted to Fannie Mae foreclosure properties. These can be seen by going to www.homepath.com you will need an approved Realtor to make an offer and you will need to be pre-qualified by an approved Home Path lender to get your offer reviewed and finally accepted. We can help you with both.

Keep in mind that these homes are foreclosures and they may need cosmetic repairs or other repairs to bring them to perfection. Is a Home Path loan the right loan for you? Only you can determine this, if you are looking for a pristine “ready to move-in house” you may be hard pressed to find your dream home. However if you don’t mind painting and have a few dollars saved to refinish hardwood floors or re-carpet the house this may be the right loan for you. Who knows your dream home may be only a couple of coats of paint away.

Cunningham and Company is an approved Home Path lender. Please call Deanna or Todd to find out more details about what can be done by us.

@ The Valeo-Croy Team, we are here for you.

The Valeo-Croy Team - (704) 366-7711

Todd Croy - NMLO license #91428
Deanna Valeo - NMLO license #91421

Accessible | Program Expertise | On-Time Closings

The Valeo-Croy Team and Cunningham and Company Mortgage Bankers are Equal Housing Lenders.

This information is for illustration only. It does not constitute an application for a loan or an offer or commitment for Cunningham and Company to make a loan on these terms. Interest rates are subject to change until an application is completed and you lock in your interest rate. The figures noted are estimates and may vary depending on discount points, taxes and insurance. Programs, terms and conditions are subject to change without notice. Mortgage loans are subject to credit qualifications. Normal credit standards apply. Date: 9/6/2010

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