Financing in 64082>Question Details

Brittany, Home Buyer in 64082

Is Fannie Mae "HomePath" a good deal? I have located a foreclosed home with the homepath option.

Asked by Brittany, 64082 Tue Aug 25, 2009

I have the option of Conventional w PMI due to not having 20%, VA no PMI but Va "funding fee", or this particular house is offering the Fannie Mae "HomePath" with no PMI? My credit is not a problem. What are the drawbacks of the homepath, higher fees etc?? Also I would have to choose from certain lenders who offer this program which I'm not familiar with. One of the lenders is "champion"? I live in Lee's Summit, MO 64082.

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If you can go with the Hompath financing I would use this option. The rate might be a little higher but with out PMI or MIP the APR is usually better than your other options.

PS. I only Lend in the State of Florida
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0 votes Thank Flag Link Wed Aug 26, 2009
The best thing to do is to get a Good Faith Estimate on the different types of loans you are considering. This document will bring all the information down to an "apples to apples" level. You can compare closing costs, prepaids, interest rates, etc. Once you have all the choices in front of you it will be easier to make a choice. Sometimes a lender will raise the interest rate to cover the PMI. The only way to know for sure is to compare the Good Faith Estimates. I'd be happy to compare them with you and help you make a good choice. My phone number is 816-365-2225 and my email is AskCathy@kc.rr.com. Call or email any time!
0 votes Thank Flag Link Tue Aug 25, 2009
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