What is a HomePath Mortgage? – Fannie Mae

It is important for you to understand the mortgage process and all of the options available to you.  Rate are low, inventory is high and there are many types of homes for sale:  foreclosures, short sales and resales.  You should interview several lenders (bankers, brokers, etc) prior to your home search. 

You need to know:

  1. What your purchasing power is – how much house can you get for the monthly payment you want?
  2. Understand the costs of buying – cost of the loan, attorney’s fees, downpayment, cash to close, apprasial.
  3. What is the difference in APR and APY?
  4. What is PMI?

Below is a summary for Fannie Mae’s HomePath Program.  This is an option you may encounter on your home search.

HomePath® Mortgage Financing

This special financing is available on Fannie Mae homes with the following logo:

The benefits include:

  • Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
  • You may qualify even if your credit is less than perfect
  • Available to both owner occupiers and investors
  • Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
  • No mortgage insurance*
  • No appraisal fees
  • Also eligible for HomePath Renovation Mortgage (see details below)
  • HomePath Mortgage financing is available from a variety of lenders – both local and national.

For more info or to search for homes visit http://www.homepath.com/


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