HomePathÂ® Mortgage Financing
This special financing is available on Fannie Mae homes with the following logo:
The benefits include:
â€¢Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
â€¢You may qualify even if your credit is less than perfect
â€¢Available to both owner occupiers and investors
â€¢Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
â€¢No mortgage insurance*
â€¢No appraisal fees
â€¢Also eligible for HomePath Renovation Mortgage (see details below)
â€¢HomePath Mortgage financing is available from a variety of lenders - both local and national.
Web site: http://www.fanniemae.com/homepath/financing/index.jhtml
To compete with other buyers, make sure your preapproval letter is from a well known lender, i.e. Wells Fargo or your credit union. Mortgage broker preapproval letters may not be sufficient evidence you can get a mortgage because they do not actually lend money, just "broker" it to an actual lender.
Fannie Mae properties often sell for more than the asking price so if you want them to pay your closing costs, increase your offer above the asking price by at least the amount of your closing costs if not more.
However, I think if the downpayment is your concern, your better option will be an FHA loan since it has much better rates than homepath rates. Homepath has very high qualification guidelines as well.
If you'd like to call us, we'll walk you through the loan options, pre-qual you and quote you on different loan programs rates and costs, so that you could get a clearer picture. 239-206-4500 or firstname.lastname@example.org
Faith Home Loans
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Asking for closing cost can be negotiable when making your offer. I have seen buyers get 3.5%-6% in closing cost assistance but this can hurt your offer when you are competing against many other consumers who are also looking for a homepath property. Homepath relies on local Realtors to show their properties and sell them. Contact a local realtor in your area who has dealt with homepath financing before and they can help you with no cost to you!