Like James asked, why do you want to buy a Homepath Home specifically?
If you qualify for the financing, it is possible that you may also qualify for other financing. Are you working with a lender or are you just getting started and gathering information?
You may want to sit down and speak with a lender not only to gather information but to have your information assessed to determine what other options might be available to you.
There are credible resources right on this string or I would be happy to refer you to someone as well. Also, you can check out http://www.FearlessHomebuyer.com for more information if you determine that you are in the information gathering stage and not sure if you are ready to buy.
Hope this helps.
Make sure that HomePath Financing makes the most sense for you. Typically the interest rate is slightly higher, but there are many benefits that come with the higher rate. Most of the time, if you are buying the home the live in, FHA financing makes the most sense though. It really just depends on the property and it's condition. Many Fannie Mae homes (our team sells a lot of these) are in poor shape. Homepath does not require an appraisal be done on the property... so if you have a home in poor condition.. it may be impossible to bet it financed. So that is when the HomePath financing make sense.
But if you are in Investor.... This program is my number one program for financing investment homes. It will allow you to put 10% down on a single family home (owned by Fannie Mae) and they do not require mortgage insurance. There really is no other program like it right now. But you can only use it to purchase a Fannie Mae owned home.
Hope that help! Let me know if you want a list of our Fannie Mae properties for sale!
Keller Williams Realty