May 25, 2011

Fannie Mae's HomePath Mortgage can be a great deal for a buyer.

The HomePath Mortgage in Bellingham WA

The HomePath Mortgage is a home loan that will allow borrowers to purchase a Fannie Mae owned property with as little as 3% down and with no mortgage insurance, which is normally required with down payments of less than 20%. The buyer saves several hundred dollars compared to a regular purchase as the HomePath Mortgage guidelines state that there is no need for a lender requested appraisal.

The HomePath Mortgage offers just about any product that is available in the open market (Fixed rate, adjustable rate (ARM), and interest only products) with better terms.They also allow allow down payment assistance like a gift from mom & dad or a loan or grant. They also allow seller contributions toward closing costs.

How about investor's? Fannie Mae will put the property on the market for the first 15 days to a buyer who wants to make it their home only. After the 15 day waiting period investors may buy the house utilizing the HomePath Mortgage with 15% down and no monthly PMI and again no appraisal.

The same rules apply for Condos and a good portion of the condo requirements are waived.

If the house needs work The HomePath Mortgage has a renovation program that will let a borrower purchase a property that requires light to moderate renovations, up to 35% of the completed value for a maximum of $35,000 under the HomePath renovation mortgage program. So you can borrow the renovations cost which will be included in the loan amount providing the "as completed" appraised value fits the home. The same down payment and no PMI rules apply as the regular HomePath Mortgage.

Fannie Mae is the single largest holder of mortgages in the U.S. and they have many properties that were foreclosed on and our now sitting in their inventory. As of today there are 14 homes and condos available for sale in Whatcom County that are available for the HomePath Mortgage, some of these will qualify for HomePath renovations mortgage.

To see a list of properties, go to HomePath.com or to get more detailed information contact me at 360-739-6981 or michael@bellinghamproperty.com.

 

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