Tuesday, July 14, 2009

Fannie Mae Unleashes Home Path

UPDATE: As of October 7, 2014, Fannie Mae retired the HomePath Mortgage Product

UPDATE: Effective on November 16, 2014 applications ran using Desktop Underwriter® (DU®) Version 9.1 will require a minimum of 5% down. 

A new loan program has been introduced by Fannie Mae, welcome HomePath. A loan program made available to purchase Fannie Mae owned homes. It gives the FHA Loan a run for its money, although the rate is slightly higher much like LPMI (lender paid mortgage insurance) programs.
  • 3% down in comparison to the FHA requirement of 3.5%
  • No appraisal is required
  • Seller concessions allowable up to 6%
  • No Mortgage Insurance
For more information or to search Fannie Mae's listed homes visit http://www.homepath.com/