Home Path Loans in Loveland
Home Path is the branding used for all Fannie Mae-owned properties, anytime you see something labeled “HomePath”, it has to do with the sale of Fannie Mae-owned properties.
A few differences between a conventional loan and what Home Path homes regulations are as of now:
• Fannie Mae has acquired these properties through foreclosure, deed-in-lieu of foreclosure, or forfeiture. You work with Home Path, not the sellers of the home.
• Fannie Mae will not accept offers contingent on the sale of a current home, but other contingencies are considered.
• There are financing flexibilities for Fannie Mae-owned properties that are only available on HomePath properties. Ask us about Multiple Financed Properties – flexibility for a home-buyer who already owns 5-10 financed properties.
It has some distinct advantages:
• Smaller down payment. Home Path requires a minimum of 3% down payment (an FHA loan is 3.5% for example), allowing you to have cash available for other things, like furniture, repairs, or move-in costs.
• No private mortgage insurance (PMI). With an FHA loan or a conventional loan, putting less than 20% down, you would likely be required to carry PMI. With a Home Path loan, PMI is not required (with less than 20% down), meaning your monthly payment will not increase due to PMI.
• Appraisals are an option not a requirement. The value of the home has already been determined with a Home Path loan.