Profile picture for lainey4261

Are Homepath Mortgage Loans priced higher than 30FMR conventional loans?

  • July 28 2009 - US
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Answers (6)

Profile picture for Justin Kennedy
lainey,
it depends on the fico score and loan to value (ltv). the Fannie Mae risked basd addon's for the higher ltv's are pretty steep. However, it is aunquie program and nothing else is like it. the one caution is buyer beware. with no appraisal make sure you have a soild CMA from your realtor; plus, use a trust worthy whole home inspector. good luck.
  • March 18 2010
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My Homepath rates are almost identical to my standard Conforming rates. 
If you're over 80% LTV, the lack of mortgage insurance will almost guarantee a lower payment for you.

Contact me for a specific quote. 

Charles

  • March 18 2010
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I'm also a Lender that offer the Homepath program and yes the rate is a little higher, however since the program allows up to 6% sellers contribution you could use some of the sellers contribution to buy the rate down.  Great program, specially if you have a low down pmt.
  • August 05 2009
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Profile picture for RLG_West
We are a prefered Homepath Financing lender and I can show you how to set up the offer so buyer wont be stuck with all the high fee's.
Its a great program as long as buyer is aware of how it works.
Prospect Mortgage

sergio.dealba@prospectmtg.com
  • August 05 2009
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To add to Rudi's information below, yes they are priced slightly higher than a typical 30 year fixed rate.  Homepath programs are exceptional and unique if you are lucky to find a home and offer is accepted.  Take it if you can, otherwise conventional mortgages will require larger down payments and appraisal fees.
  • July 29 2009
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You would have to contact some of the lenders listed under "Financing" on their website  to compare. .... You also need to consider  that there is no Mortgage Insurance and no appraisal fees. In addition to purchasing a property that is below current market price. .... Best wishes, Rudi Hofmann
  • July 29 2009
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