HomePath Mortgage
HomePath Mortgage
Special financing for Fannie Mae-owned properties!
In today’s real estate market, many homes being sold are bank-owned (REO) properties. While some of these homes may need a little extra TLC, they offer many homebuyers the opportunity to purchase a great home at typically a much lower price. In addition, some of these homes allow for special financing programs as with the HomePath Mortgage for Fannie Mae-owned properties. The HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Below are some of the benefits you can expect from a HomePath Mortgage.
Benefits:
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Low down payment and flexible mortgage terms (fixed–rate, adjustable rate, or interest–only)
- Down payment (at least 3 percent) can be funded by the borrower’s 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 required
- 6% in seller contributions allowed for closing costs on primary residences
- Available for primary residences, second homes and investment properties
Guidelines/Restrictions:
- Eligible properties must be owned by Fannie Mae and sold by Fannie Mae
- Property must be listed on www.HomePath.com as eligible for HomePath financing
- Eligible properties on www.HomePath.com will display this below dual logo:
*VITEK does NOT participate in the HomePath Renovation Mortgage, which allows for repairs to be financed or escrowed. Contact us for details.
