Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for rflow

HomePath Mortgage Interest Rates

       We are looking at purchasing a homepath approved property and are interested in a homepath mortgage. Does anyone know what the interest rates look like on these? Homepath just seems too good to be true which leads me to suspect that interest rates are higher than average. 
  • March 15 2009 - US
  • 2
    2Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (14)

FNMA "owned" properties qualify for a FNMA HomePath loan. With a HomePath loan, you can:

- put down as little as 3%
- there's no appraisal fees
- there's no mortgage insurance
- you may qualify even if you have less than perfect credit

And the best part - the interest rate for a FNMA HomePath loan is the same as for a regular 30 year fixed rate loan. 

To get more information about FNMA HomePath homes and mortgages, go to http://reosearch.fanniemae.com/reosearch/
  • March 16 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

rflow, there is no catch, it's a great opportunity. HUD has a similar program with only $100 down payment but the no MI feature on HomePath is superior.
  • March 16 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for spanky25

So, if no MI, same rates, then who needs the Obama "responsible" homeowner program?

  • March 16 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

CAUTION:
The no MI option is a fee... this is a niche' loan for the right buyer but be careful and understand it is not a fit all. The lender should be doing a complete mortgage analysis with the client with this loan vs. conventional and FHA.

On a 97% loan it is 3.625% just to originate.... many more caveats of this loan so make sure you are working with a knowledgeable lender on this...god knows we have enough fallouts!

Bill Black
.

 
  • March 30 2009
  • 2Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You need to talk to a HomePath approved lender to get the interest rates.
  • April 07 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Interest rates are a little higher then the 30yr conforming rates, but without the MI the payment is actually LOWER with the higher rate...  Go figure! 

I am an approved HomePath lender & I've closed many of these transactions...  Email me if you have any questions.

[Content removed by moderator due to self-promotion]
  • April 16 2010
  • 2Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

As Bill mentioned, there will be an adjustment in pricing for the Homepath mortgage. My suggestion is that you consider a downpayment of 5.00%, as opposed to 3.00%, because there could be a difference of an average of 1.625% in origination fees between these 2 options.
It simply makes more sense to spend those funds as downpayment, as opposed to paying 1.625% for the privilege of financing an additional 2% of the purchase price.
Of course, your lender could alleviate some of those fees by offering a higher rate - but, you will still pay the additional fees because of the additional interest you will pay on the loan.
Bottom line - it's a great program; the most glaring downside is the limitation of properties you can finance with Homepath, it must be listed on the Fannie Mae website.
  • April 19 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The homepath mortgage I offer through my company is very competitive with any conventional interest rate.  Please feel free to check out my site at www.metchad.com or see Homepath mortgage info at [links removed by moderator]
  • May 20 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

[Deleted for self promotion]
  • August 28 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

As a HomePath specialist I have originated and closed both HomePath and HomePath Renovation loans.  The interest rate is higher, however there is no mortgage insurance so the payment will be less than an FHA mortgage.  For instance if the interest rate was 4.5% on an FHA loan with a monthly add on for mortgage insurance of .90% you effective rate would be 5.4% while the HomePath rate would be 4.875%.  The payment will always be less.

  • December 12 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Eligible Fannie properties require NO PMI, and currently have very low interest rates! Go to HomePath.com to get a list of homes. 

Highlights for available financing include:

· 97% financing for Primary Residences

· 90% financing for Second Homes and Investment Properties

· No appraisal required

· No mortgage insurance (MI) is required - although Fannie Mae price adjusters will apply

· Flexible mortgage terms - including fixed-rate, ARMs or the Interest-Only payment feature*

· Min 620 score for 80% or lower LTV

· Min 660 score for 80.01% and above LTV

· FNMA Desktop Originator/Underwriter® Approve/Eligible Required**

· Includes Condos as long as project has sufficient Fidelity, Master Hazard, and Flood (if applicable). HO6 "Walls in" Coverage also required

Max Debt-to-income ratio is 45% 

Up to 6% seller contributions for closing cost. 

  • May 02 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Emm does homepath it is a great program but as you stated the NO MI makes the rate higher and thier are some fees that vary daily.....

Thru June 30th you get 3.5 toward closing and your payment will be lower due to no MI in comparison to FHA.

I think its a better program than FHA with no out of pocket cost and up to 6% seller consessions .

· 97% financing for Primary Residences

· 90% financing for Second Homes and Investment Properties

· No appraisal required

· No mortgage insurance (MI) is required -  Fannie Mae price adjusters will apply

· Flexible mortgage terms - including fixed-rate, ARMs or the Interest-Only (Arms and interest only good for only some instances)

· Min 620 score for 80% or lower LTV

· Min 660 score for 80.01% and above LTV

· Includes Condos as long as project has sufficient Fidelity, Master Hazard, and Flood (if applicable). HO6 "Walls in" Coverage also required

Max Debt-to-income ratio is 45% 

Up to 6% seller contributions for closing cost. 



 

  • May 08 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I am against posting interest rates anywhere, as they change daily and the federal regulations on them are heavy.

[Promotional content removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]

Best,
b
  • May 11 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Another source to help:
[Promotion and website removed by Zillow moderator. Please see our Good Neighbor Policy.]
  • December 10 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.