Home Buying in 33301>Question Details

Dieu4226, Home Buyer in Rancho Cordova, CA

what is homepath?

Asked by Dieu4226, Rancho Cordova, CA Mon Jan 30, 2012

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8
HomePath financing is only available on properties owned by Fannie Mae. It allow you to put down as little as 3% (although mortgage rates are significantly lower if you can put down 5%) and pay no PMI, no appraisal fee.

There is also HomePath "Renovation" mortgage that will allow you to include upgrades into your mortgage, like granite counters, hardwood floors, new paint inside and out, new appliances, etc. Not many lenders do the HomePath Renovation mortgage but Regions Bank definitely does.

The best advantage with HomePath is you can buy a condo and only put down 3%. Most condos nowadays require at least 25% down to buy.

Here's a link to more info and the currently available properties owned by Fannie Mae that will allow you to get a HomePath mortgage:

http://www.HomePath.com

All the best,
Alma Kee
http://www.SoldOnTampa.com
1 vote Thank Flag Link Sat Feb 18, 2012
This is one of the best programs out there for a buyer - if you find one I would strongly suggest you consider it. You just need to know that you have to live in the home for at least a year. Good luck.
1 vote Thank Flag Link Mon Jan 30, 2012
Homepath is a fannie mae home. Fannie Mae is: The Federal National Mortgage Association (FNMA; OTCBB: FNMA), commonly known as Fannie Mae, was founded in 1938 during the Great Depression as part of the New Deal. It is a government-sponsored enterprise (GSE), though it has been a publicly traded company since 1968.[2] The corporation's purpose is to expand the secondary mortgage market by securitizing mortgages in the form of mortgage-backed securities (MBS),[3] allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on thrifts.[4]
Web Reference: http://www.homepath.com/
1 vote Thank Flag Link Mon Jan 30, 2012
The HomePath program was created by Fannie Mae to offer foreclosed homes directly to qualified buyers. This special program allows you to qualify with the minimum down payment and can even give you money to fix up your dream home. http://www.homepath.com/financing/index.html
Web Reference: http://clovelake.com
1 vote Thank Flag Link Mon Jan 30, 2012
Fannie Mae...but best next action is to ask a local Mortgage Broker by clicking "Find a Pro" in the main menu at the top of this website. http://www.naplesrealestateguys.com/
0 votes Thank Flag Link Sun Apr 14, 2013
Best next action is to ask a local Mortgage Broker by clicking "Find a Pro" in the main menu at the top of this website. http://www.naplesrealestateguys.com/
0 votes Thank Flag Link Tue Apr 9, 2013
Home Path is Real Estate Owned Fannie Mae Properties. My buyer closed yesterday on one of their foreclosures yesterday

Susan Penn PA, EWM Realtor
http://www.susanpenn.com.
0 votes Thank Flag Link Sat Mar 3, 2012
I just want to add some additional information regarding the "HomePath" - the program does not require an appraisal and you can put as low as 5% down payment , even if you are buying a condo that is not FHA approved. I can send you list of "homepath approved" properties in the area you are interested to purchase.
Feel free to contact me.

Iliana Ivanova P.A.
Broker/Associate - CDPE
Riverview realty
954-655-7375
e-mail: florida.bestrealtor@gmail.com
0 votes Thank Flag Link Sat Feb 18, 2012
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