HomePath Financing : Finance that CO facelift!

Buyers, Home Ownership, Local Resources

HomePath Financing

Have you ever walked into a property and seen a brochure or sign that tells you “This home qualifies for HomePath financing”?

Chances are you are already pre-qualified and paid it little attention… But, if you are like me, you may have been just a wee bit curious what HomePath financing was.  I decided to investigate for you and report back!

The first thing to know is that HomePath financing is only available on Fannie Mae-owned properties. Perhaps just as importantly, there are two types of financing using HomePath.

HomePath Mortgage

The regular type… where you borrow to buy a house using a HomePath mortgage.

The benefits of using this mortgage to finance your new home include:

  • Financing is possible for primary homes, second homes or investment properties.
  • Down payment as low as 3% for primary residences and 10% on investment properties.
  • The down payment may come from savings, a gift, a grant/loan from a non-profit organization, state or local government or an employer.
  • Fixed or adjustable rate mortgage terms.
  • No mortgage insurance.
  • You may qualify even if your credit is less than ideal.
  • There is no appraisal requirement by the lender.

HomePath Renovation Mortgage HomePath financing

The other type, is where you borrow to buy and renovate that house.

This is called a HomePath Renovation Mortgage.

Like a regular HomePath mortgage, the benefits include:

  • Financing is possible for primary homes, second homes or investment properties.
  • Down payment as low as 3% may come from savings, a gift, a grant/loan from a non-profit organization, state or local government or an employer.
  • Fixed or adjustable rate mortgage terms.
  • No mortgage insurance.
  • You may qualify even if your credit is less than ideal.

However:

  • The renovation amount is based on an “as completed” appraisal value. 
  • You may borrow up to 35% of the completed value, but no more than $35,000.
  • Many condo project requirements are waived; ask your lender for details.
  • For more information about the renovation process, contact a HomePath Renovation Mortgage lender or click here for the Home Buyer’s Guide.

 

HomePath financing is available from local banks, credit unions and other financial institutions.  You may use your choice of lenders.

To find lenders and homes that qualify you to use HomePath financing, visit HomePath.com or call me and I would be delighted to help! 🙂