Ingrid B. Quinn

NMLS ID #211652 Arizona, Loan Consultant

Financing Your Home with a HomePath Mortgage

1 Comment

what-is-the-HomePath-mortgage-loan-option A HomePath Mortgage allows a buyer to purchase a Fannie-Mae owned property with a low down payment. The down payment can be as low as 3% for an owner occupant. It is a conventional loan. Investment properties can be purchased with a HomePath loan also without the typical 20-25% down payment. Down payments for an investment property can be as little as 10% down.

Other benefits of purchasing a HomePath property are:
*Private mortgage insurance is not required when the down payment is less than 20%
*An appraisal is not required which reduces the buyers closing costs over $400
*Owner occupant purchasers are given a First Look opportunity. When a new listing comes on the market, an owner occupant buyer has the first 15 days to make an offer before Fannie Mae opens the property up to investor buyers.
*Fixed-rate & Adjustable Rate mortgage options available based on down payment
*Seller contributions allowed for closing costs
*Gifts from immediate family members for owner occupied buyers allowed

HomePath also offers a mortgage option which is for renovation purchases. Some of the benefits are:
*Renovation amount based on appraisal “as completed value”
*Available for primary residence, second homes, and investment properties

When doing a home renovation mortgage through HomePath you are able to purchase a home that needs light renovations. The loan amount will include both funds for the purchase as well as the work to be done. This is only up to 35% of completed value and no more than $35,000.
For more information and to see properties available, login to http://www.homepath.com. I also recommend that buyers have a realtor represent them in a HomePath purchase. If you have questions about this information, please contact Ingrid Quinn at http://www.ScottsdaleMortgageExpert.com or email Ingrid.quinn@cobaltmortgage.com.

Author: ibquinn

I am a Senior Loan Officer at Caliber Home Loans, with over 32 years of Mortgage Banking experience. I have the expertise and knowledge to help focus in on your homeownership goals and make them into reality. My team of experienced mortgage professionals and I can assist you in all steps of the home buying process and ensure that you have a smooth and hassle-free transaction. Caliber cannot accept mortgage loan applications or inquiries for properties located in New York through this site. Ingrid Quinn NMLS #211652 BK#0923637 www.ScottdaleMortgageExpert.com

One thought on “Financing Your Home with a HomePath Mortgage

  1. Having read this I thought it was really enlightening. I appreciate you taking the time and effort to put this article together.
    I once again find myself personally spending way too much
    time both reading and leaving comments. But so what, it was still worth it!

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