Over the last 3 weeks application for Home Path financing have picked up. Home Path is a program that Fannie Mae is offering to buyers who want to buy homes that Fannie Mae own from foreclosures. Fannie Mae’s Home Path Financing allows for a minimum of 5% down payment, NO MORTGAGE INSURANCE and does not require an appraisal. The fact that these loans do not require mortgage insurance is a major benefit to buyers ability to purchase affordable homes. Interest rates are low and coupled with the fact these home do not require an appraisal this is a very attractive option.
Many home owners who have thought about putting up to 20% down on a purchase of a home are finding it more resalable to take advantage of the minimum down payment and keep their cash for expenses once they move in. Many of my buyers of Home Path homes are telling my, they are amazed about the good conditions many of these homes are in. This makes buying a foreclosed home from Home Path more attractive compared to other foreclosed homes that are not in as good of condition.
For Home Path financing, Fannie Mae have been paying up to 6% of the Buyers closing costs. In most cases this is more than the needed closing costs and we are using the additional closing costs to buy down (paying discount points) the borrowers interest rate in order to get the buyers an even lower rate.
Qualifying for Home Path is pretty easy. We are looking for credit scores above 620 and be able to prove all income and assets. For borrowers who have less than 620 credit scores we are offering FHA loans and we will also help direct buyers in the right direction to improve their credit scores. This is a great program for First Time Home Buyers.
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