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HomePath Mortgage Interest Rates

Profile picture for rflow
       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. 
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March 15 - US

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Profile picture for Lew Corcoran
Contributions: 927
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Since November 2009

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/
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March 16
Profile picture for Georgia Loans
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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.
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March 16
Profile picture for spanky25
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So, if no MI, same rates, then who needs the Obama "responsible" homeowner program?

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March 16
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
.

 
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March 30
Profile picture for DebtFreeDave
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You need to talk to a HomePath approved lender to get the interest rates.
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April 07
 

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