Does anyone have experience with the Home Path Program?

  • September 09 2010 - La Jolla
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Answers (10)

Thank you Rick & Justin. Our happy buyer has secured a home path lender and we open escrow tomorrow. Thank you for your response, I am sure it has been helpful to others as well.

  • September 15 2010
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Cindy:
I think that Fannie Mae does not require an appraisal because they receive BPOs from two or more brokers and often an appraiser and so by not requiring an appraisal they save the buyer $400 or so and also eliminate appraisal risk of conditions and value.  There may be other lesser reasons but these two seem most important.
  • September 15 2010
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Steve -

It is true Homepath rates can be higher, especially on low down payments of 3-5%.   Can be .75 to 1% higher on par rate when compared to FHA financing or regular conventional with PMI.

Of course, the Homepath has no PMI required, which helps to cancel the effect of the higher interest rate in regards to the buyers payment.

The Condo review process is much lighter on Homepath.   I completed one last month for a condo purchase, only required proof of current HOA monthly dues and proof there is no pending litigation.   So non-warrantable condos can get financed if Homepath Eligible.

Since Fannie already owns the asset, they loosen requirements considerably since it turns a non-performer into a performer.

Cindy - Homepath is only for property that Fannie has as REO, it does not exist on a short sale.

  • September 13 2010
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Rick, don't look at the amount of lenders as the real total. Any broker that is approved with the banks or wholesale lenders shown, may originate a Homepath transaction. .... Happy funding, Rudi
  • September 11 2010
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I have "heard" that FM doesn't require an appraisal b/c it helps them set the price they want. And b/c of that, they are less inclined to approve a short sale. Has anyone else heard this??
  • September 09 2010
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Thank you for your responses. Our client has reviewed with Home Path lenders as well as traditional lenders. It appears, the rates seem to be higher for the home path. Is this typical? Also, the condo is approved for Home Path per their site. What are the requirements (if any) on occupancy rates and the overall "health" of the HOA. From our knowledge of this building, it is a poorly run HOA and there are a high number of rentals. Will these points become issues if he decides to go with a Home Path program?

  • September 09 2010
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What questions do you have in regards to the Homepath Programs?  I would be happy to help answer any of them.  I work with multiple agents and help their clients obtain the financing for bith Homepath and Homepath Renovation Mortgages.

Call me at [contact info removed by moderator] if you have any questions. 

Thanks!
  • September 09 2010
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I found Homepath.com to very helpful.
  • September 09 2010
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Homepath is Fannie Mae's program to lend to their buyers.  The homepath program:
1. May be seen at homepath.com
2. Is a 3% down, no appriasal required, no PMI program
3. Has a list of lenders on the site by state.
4. Also has a Renovation product.  Be sure to look for lenders in your state that also are authorized to do Renovation lending.  In Texas there are 25 authorized lenders but only 3 authorized to do Renovation lending (none of the 3 are in Texas).
5. Is available to investors.  This is awesome compared to other available lending programs.


You may search for homepath properties in your area at the website.  Also, as you search zillow and other platforms you'll notice mention in the descriptions of homepath lending.
  • September 09 2010
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Sure, is very commonly used for all the Fannie REO's.    Do you have specific questions on guidelines, eligibility, etc?
  • September 09 2010
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