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Replies (13)
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/
- 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/
- Clay Branch, "Georgia Loans"
- Contributions:7836
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.
- spanky25
- Contributions:134
So, if no MI, same rates, then who needs the Obama "responsible" homeowner program?
- Bill Black MLO-49242, "Lowrates4u"
- Contributions:12
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
.
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
.
- Dave Mason, "DebtFreeDave"
- Contributions:1315
You need to talk to a HomePath approved lender to get the interest rates.
- Robert Barnes, "RobBarnes"
- Contributions:1
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]
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]
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.
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.
- Chad Schauers, "MetChad"
- Contributions:5
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]
- Peter M. Knap, "Networkfunding673"
- Contributions:6
[Deleted for self promotion]
- Troy Betsinger, "tbetsinger"
- Contributions:18
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.
- Andrew Martinez, "ccflender"
- Contributions:10
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.
- Carl Ashton, "Carl Ashton"
- Contributions:86
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.
- Brent Kluge, "Brent Kluge FHA 203K"
- Contributions:94
I am against posting interest rates anywhere, as they change daily and the federal regulations on them are heavy.
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Best,
b
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Best,
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HomePath Mortgage Interest Rates
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