HomePath Mortgage Benefits -- Fannie Mae Program

Bothered about all the new Fannie Mae and Freddie Mac financing Guidelines, I decided to check out some kind of alternative home loan financing for second time home buyers and investors in the Riverside Real Estate market. HomePath consists of the following:

• 2nd Home/Investment requires a ten percent down payment! (Just about every loan requires 20-25% down!)


• Owner Occupied is a 3% minimum down payment; however, California requires 5%.


• No Appraisal Required! Property is acceptable as-is!!!


• No Private Mortgage Insurance! Meaning, you can qualify for a little but more home!


• You do not need great credit (usually, you will need at least a FICO of 660+).


• 1-4 unit homes, Condo’s, PUD’s, Modular, and Manufactured (Double Wide) are all satisfactory.


• Fixed Rate, ARM, Interest Only, 10yr, 15yr, 20yr, 25yr, and 30 yr options.


• Up to 6% seller concessions! (2% for real estate investors)


• Down Payment can be a gift, a grant, or a loan from a nonprofit organization, state or local government or employer.


• Up to 10 financed properties are all right (5-10 properties require 6 months in reserves for each property you own plus the one you want to buy).


• Conventional Rates.

I hope this article is of use to those who are seeking another home financing substitute and for those who do not qualify for an FHA home loan.