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Fannie Mae Home Path Program
If you're curious to learn about Fannie Mae's special Homepath loan product I have put together a quick summary of the program. If you are unfamiliar with the Homepath program you are not alone. It is a program offered through Fannie Mae to help sell some of the homes they have taken possession of through foreclosures. It has some great features and makes it easier for potential home buyers to purchase a home. Here are the pro's and con's of the program as I see them:
Pro's
- Allows for a minimum 3% down payment
- Allows the seller to pay all of the buyer’s closing costs
- No monthly mortgage insurance even with less then 20% down payment
- No appraisal required as part of the underwriting process
- Available to both owner occupants and investors
CON’s
- The property must qualify as a Fannie Mae homepath eligible home. Only Fannie Mae foreclosed homes are included in this list so the supply of homes are limited. Visit www.homepath.com to see the homes available in your area.
- Rates are .375% - .750% higher then standard conventional interest rates
Fannie Mae also has Homepath Renovation program which will allow you to complete light renovations to the property. The same terms and qualification as the Homepath loan.
The first step in purchasing a Fannie Mae Homepath loan is to contact a licensed Mortgage Loan Originator. You will need to meet and work closely with them to get a pre approval for financing. This will save time by letting you search for homes within your pre-approved, affordable price range. Having this letter shows the seller you are serious and a qualified buyer.
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"My Loan Officer was very helpful and all for us, she gave us insight into the ins and outs of the business" - Mr. & Mrs. Gonzalez
"Grand Oak Mortgage was very helpful, we want to thank them for getting us in our house. Very good company, who cares about their clients" - Mr. Zak
"With all the different loans programs available I didn't know the best program for me. With the help of my Grand Oak Mortgage Company Loan Officer I ended up with a loan program that saved me nearly $100/month on my house payment" - Mr. & Mrs. Wink
"The staff went up and above any of our expectations. Explaining everything step by step, very professional and helpful" - Dale Gohn & Kristie Tickle
"As a first time home buyer I was very unclear on what was involved in applying for a mortgage and what points and closing costs really were. Grand Oak Mortgage Company took the time to explain and educate me and my wife on the entire mortgage process" - Mr. & Mrs. Zlotnik
"Thank You Grand Oak Mortgage, my loan experience was all that you said it would be, fast and hassle-free" - Mr. & Mrs. Babcock
"Grand Oak Mortgage was great to deal with. Everytime, I spoke with them they were very upbeat and happy. It was a real pleasure dealing with such a great staff. They were very patient with me even when they had to explain things to me twice" - Mr. Passalacqua
"My Loan Officer was very helpful and all for us, she gave us insight into the ins and outs of the business" - Mr. & Mrs. Gonzalez
"Grand Oak Mortgage was very helpful, we want to thank them for getting us in our house. Very good company, who cares about their clients" - Mr. Zak
"With all the different loans programs available I didn't know the best program for me. With the help of my Grand Oak Mortgage Company Loan Officer I ended up with a loan program that saved me nearly $100/month on my house payment" - Mr. & Mrs. Wink
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