WHAT EXACTLY IS A HOMEPATH MORTGAGE?
. . .what are the benefits for you?
The HomePath Mortgage Program was created by Fannie Mae to allow homebuyers buying a Fannie Mae repossessed home Some of these benefits make the HomePath loan program more advantageous over FHA Home Loans.
Home buyers looking to purchase a Fannie Mae repossessed home can use the HomePath Mortgage Program, an FHA or some other type of financing, or even pay cash.
HomePath Mortgage Program Advantages Over FHA Home Loans
. .NO PMI!! YOU DO NOT HAVE TO PAY PRIVATE MORTGAGE INSURANCE!!
- Less Money For Your Down Payment - the HomePath mortgage only requires a minimum down payment of 3% versus 3.5% required for an FHA mortgage. With both of these mortgage options the down payment can come in the form of a gift.
- No PMI - PMI (Private Mortgage Insurance) is typically required for mortgages that have a loan balance that is greater than 80% of the home's value or sales price. With the HomePath Mortgage you may not be required to pay PMI but you will have to pay PMI if you get a FHA Loan. With no PMI required you could save yourself a few hundred dollars with a HomePath loan.
· No Appraisal - To use the HomePath Mortgage you can only use it purchase a Fannie Mae foreclosed home. To facilitate the sales and mortgage process the home loan will be based on the sales price that you negotiate with Fannie. You will have to work through your real estate agent to negotiate with Fannie Mae.
Fernando Herboso| Carlos Herboso
(Short Sales ) (Foreclosures)
"Your Montgomery County Foreclosure Connection"
Our real estate knowledge is always up-to-date. For expertise you can depend on, call us when you have questions about the market or are ready to make a significant move. . .
"Quality representation is not expensive, its priceless! "
We are THE EQUALIZERS for regular buyers out there competing with professional investors
We are specialists in Foreclosures & Short Sales
Herboso & Associates llc
Office 240.898.1848
Fernando's Cell 240.426.5754
Carlos's Cell 240.671.5542
Fax 888.913.3535
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