What is a Homepath Loan?

If you’re like many people, you dream about getting a great deal on your real estate.

After all, real estate is a great way to build wealth (yes, it still is, even post-credit crisis) and what if you could pick it up priced even more competitively than other houses in the same neighborhood.

Well, enter the HomePath program from Fannie Mae.

Fannie Mae is the largest purchaser of the Mortgage Backed Security. Simply put, they manage and coordinate most of the mortgage paper in the U.S. This means that when someone can’t make their mortgage payment and the lender forecloses, Fannie Mae is left holding the property.

The benefits of the HomePath Program include:

• A very low down payment
• Flexible mortgage terms (including fixed-rate, adjustable-rate, or interest-only)
• Loans are available to owner occupied buyers and investment buyers
• Down payments can be funded by your savings, gifts, grants, loans from nonprofit organizations, government grants or even your employer
• There’s no mortgage insurance (What’s Mortgage Insurance?)
• There’s no appraisal required

You can search for HomePath properties here on the official website.

First Choice Financial in Whittier is eligible to lend on HomePath properties — not true of all lenders — so give me a call if you’d like to learn more about how to qualify for this mortgage product.