For those of you in the market to purchase a home, you should definitely check out www.homepath.com
This program is for the purchase of Fannie Mae-owned homes. Some of the program’s main highlights are:
- Low down payment (as little as 5% down on conforming loans or 10% on high balance loans)
- FICOs down to 640
- Available for primary residences, second homes and investment properties
- NO MORTGAGE INSURANCE REQUIRED
- NO APPRAISAL REQUIRED
Use the search tool at www.homepath.com to look for homes in your area.
Other conventional and FHA loans with less than 20% down payment will incur Mortgage Insurance, which would cost you an extra few hundred dollars a month on your payment. With a Homepath purchase, you totally eliminate this requirement. In addition, interest rates on the Home Path program are extremely competitive to the market.
