Elite Mortgage and Financial Services - HomePath Loans
The HomePath Mortgage Program was created by Fannie Mae to allow homebuyers buying a Fannie Mae repossessed home some perks.
Advantages to a HomePath Loan
- Less Money For Your Down Payment - the HomePath mortgage only requires a minimum down payment of 3% versus 3.5% required for an FHA mortgage. With both of these mortgage options the down payment can come in the form of a gift.
- No PMI - PMI (Private Mortgage Insurance) is typically required for mortgages that have a loan balance that is greater than 80% of the home's value or sales price. With the HomePath Mortgage you may not be required to pay PMI but you will have to pay PMI if you get a FHA Loan. With no PMI required you could save yourself a few hundred dollars with a HomePath loan.
- No Appraisal - To use the HomePath Mortgage you can only use it purchase a Fannie Mae foreclosed home. To facilitate the sales and mortgage process the home loan will be based on the sales price that you negotiate with Fannie. You will have to work through your real estate agent to negotiate with Fannie Mae.
Any of our friendly and experienced team members can answer an questions you may have regarding Jumbo Home Loans. We look forward to hearing from you and assisting you in all of your home buying needs.