Home Buying in Woodstock>Question Details

Fran Tanner, Home Buyer in Canton, GA

what is a homepath mortgage? And why are some properties help to this type of a loan?

Asked by Fran Tanner, Canton, GA Tue Feb 12, 2013

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The HomePath Mortgage

This type of financing features:

•Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
•You may qualify even if your credit is less than perfect available to both owner occupants and investors
•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
• No appraisal required
• No mortgage insurance (Ask your lender for cost details on loans without mortgage insurance.)
The HomePath Renovation Mortgage This type of financing features:
• Financing to fund both your purchase and light renovation
• Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
• No mortgage insurance (Ask your lender for cost details on loans without mortgage insurance.)

For more information, go to http://www.homepath.com or visit a HomePath Lender.
1 vote Thank Flag Link Tue Feb 12, 2013
The home path is Fannie Mae-owned property for owner occupied loans that give the first shot to owner occupied. If you are an investor you have to wait 15 days to make an offer to let the buyers that will buy to own get the first chance. As was mentioned low down good terms and closing costs can be included. Good luck to you. Tom Inglesby, Broker RE/MAX Equity Group
0 votes Thank Flag Link Tue Feb 12, 2013
Hi Fran,
HomePath Mortgage allows a buyer 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.
Home path is also a web site that advertises properties owned by Fannie Mae that are in foreclosure. This is a very specific program for Fannie Mae owned properties. There are several different programs that Fannie Mae offers. For example: Fist look; which caters to owner occupants. These properties will give you details of the financing offered as well as any amount given for rehab or if any work has been done on properties.
I am a Realtor so do not have the expertise on the Home path financing . I do have mortgage consultants on my team. If you would like any information about Home Path properties please feel free to email me:
@ mona4homes@gmail.com or call me @ 678-642-3172.
Thanks for sharing your question.

Mona.
0 votes Thank Flag Link Tue Feb 12, 2013
FNMA is a quasi governmental organization that owns a lot of defaulted property - foreclosed and then backed by their "quasi" funds.

They branded "Homepath." That is the name of their online portal for all things real estate. That is also the brand name of their renovation loan.

A mortgage lender can explain the rest.

Otherwise, google Homepath.
Web Reference: Http://intowninsider.com
0 votes Thank Flag Link Tue Feb 12, 2013
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