Fannie Mae HomePath – Understanding the Basics
Fannie Mae is the largest lender in the United States, which currently has thousands and thousands of homes on their books, due to the large number of recent foreclosures. In an effort to help banks liquidate their Fannie Mae REO inventory, Fannie Mae came up with the HomePath program.
WHAT IS THE HOMEPATH LOAN PROGRAM?
The HomePath program gives lenders and buyers less stringent finance requirements which allows more buyers to qualify for a loan. A HomePath eligible property is a bank owned home by Fannie Mae and the buyer of the property is eligible for the HomePath program.
WHAT ARE THE UNIQUE BENEFITS TO THE HOMEPATH PROGRAM?
- No appraisal is required
- You can make a down payment of as little as 3% of the purchase price
- No mortgage insurance is required
- Credit score requirements are more flexible
- Seller concessions are allowed
ARE YOU INTERESTED IN A HOMEPATH MORTGAGE?
Without the right assistance, qualifying for the HomePath program can be very difficult and overwhelming. It’s always best to discuss your options with a lender you can trust like Metroplex Mortgage Services. Our financing expertise has helped thousands of homebuyers become happy homeowners and we can help you too!
If you are in the market for a home it is important to become pre-qualified. You can get started in less than 5 minutes! Or you may contact us with any questions you may have.