AMAZING program. Many options... We are one of only TWO companies approved to do the FannieMae HomePath Renovation program in all 50 states. Please feel free to give me a ring as I would be delighted to discuss.
Just a word of caution - although Homepath financing is a great product, the 3% down loan is very expensive (in other words, the points charged for this loan are much higher than the 5% down Homepath loan). In fact, when one of my clients purchased using Homepath, the difference between the 3% down loan AND the points for this loan, or putting 5% down, was only 1/8 of a percent. The other problem with the 3% down program is the interest rate is higher. After some discussion, my client put 5% down and used a portion of the 3.5% that Homepath paid towards recurring and non-recurring closing costs to buy his interest rate down by .75%. Your payments will definitely be lower and you will have 2% more equity at close.
The really great thing about Homepath financing is no Mortgage Insurance. This can save you a bundle over FHA financing, which just increased their mortgage insurance rate this month.
If you would like a referral to a great lender who does Homepath, and is willing to educate you on the pros and cons of this program, please feel free to contact me directly. Good luck on your home purchase and Dare to Dream.
Shel-lee Davis, QSCÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
Short Sale & Foreclosure Resource â€“ SFRÂ®
Certified HAFA Specialist â€“ CHSÂ®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
Did you have a question about Homepath financing? This is a type of financing offered by Fannie Mae and is exclusive to REO properties owned by Fannie Mae. If you need any help or have any questions, feel free to email.
Thanks, have a good day!
Coldwell Banker Residential Brokerage
Sherman Oaks, CA