The headlines about this product are pretty sexy, aren’t they? The Fannie Mae HomePath loan is one of the most aggressive financing options we’ve seen in quite a while. This program is for purchasers of Fannie May owned properties and can be taken advantage of with primary residence, second home, and investor purchases. I want to take a minute and go over some of the features, and then get … [Read more...]
HomePath Renovation Mortgage Process
One of the more popular loan programs here in Arizona is the Fannie Mae HomePath Renovation Mortgage - due mostly to the number of homes that are currently owned by Fannie Mae and in order to qualify for a HomePath Renovation Mortgage, the home you are buying must be owned by Fannie Mae. Since this loan program is gaining popularity, and it has a little bit different time line to it … [Read more...]
HomePath Mortgage Loan: No Appraisal Required
One of the great things about the HomePath Mortgage Loan program is that no appraisal is required by the lender in order to be approved for the loan. However; just because no appraisal is required, doesn't mean that people won't want to actually get an appraisal done so they can have the piece of mind that they are getting a good deal on the home they are buying. For the HomePath mortgage loan … [Read more...]
HomePath Mortgage Loan: Maximum LTV (Loan To Value)
Many people seem to be interested in the Fannie Mae HomePath mortgage program, and one of the most popular questions people have is "how much do I have to have as a down payment?" In mortgage-speak, how much money you put down when you buy a property is how you calculate what is called a loan-to-value ratio or also commonly referred to as LTV. As an example, if the sales price of your new … [Read more...]
Fannie Mae HomePath Mortgage Loan: What Properties Are Eligible?
The Fannie Mae HomePath mortgage loan program has started to become more and more popular -- people are actually calling and asking about the loan program by name. You can't imagine how strange that is in the world of mortgage-guys -- people usually call you and begin by saying something like: Hello, I would like to talk to you about qualifying for a mortgage... But recently, more calls have … [Read more...]
FHA 203k Streamline or HomePath Renovation Loan: Which Is Best?
We get plenty of people asking us questions here and from time to time, we get so many questions about a particular subject, we turn it into a full-blown post because it is popular enough that everyone wants to know about it. Today's question comes from a question someone submitted asking about buying a house that "needs a little work" and what kinds of loan options there are: I am hoping to … [Read more...]