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.
Benefits to You, the Borrower
â€¢ Low down payment and flexible mortgage terms (fixedâ€“rate, adjustable rate, or interestâ€“only).
â€¢ Down payment (at least 3 percent) can be funded by the borrowerâ€™s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
â€¢ No lender-requested appraisal.
â€¢ No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
â€¢ Expanded seller contributions for closing costs allowed.
â€¢ Available for primary residences, second homes and investment properties.
â€¢ Many condo project requirements are waived; ask your lender for details.
â€¢ For more information, contact a HomePath Mortgage lender...., most Lenders will offer FHA/HUD loans.
Also, you may have other options and assistance available which your real estate Agent should help you with.
I hope this has helped,
-Don Leske II / Broker
BCI Properties, LLC