HomePath Loans in Arizona

HomePath Loans in Arizona

With the number of REO properties increasing, HomePath financing is becoming more common compared to a year ago.  HomePath financing.  HomePath financing is available for Fannie Mae REO's (Real Estate Owned/ Bank Owned properties) by searching if the property is located on HomePath.com property search tool. 

The more REOs hit the market, the more questions we are being asked about the program.  I hope that this will provide you with some clarity or information that you can use to take advantage of this great program.  However, there are distinctions between the two types: HomePath Mortgage and a HomePath Renovation Mortgage.  The difference being, the HomePath Renovation Mortgage will allow minor fixes to the property. 

Here is a quick example of the HomePath Mortgage:

  • Minimum 3% down for primary residence. (5% seems to be the prevalent outcome).
  • 10% down investment property
  • Borrower can own up to 10 financed properties (but need 25% down if they own more than 4)
    • Check with your local lender to determine if they have overlaying guidelines.  
  • NO APPRAISAL NEEDED
  • NO MORTGAGE INSURANCE
  • High balance (jumbo) and interest only products available
  • Seller contributions
    • up to 6-9% on primary residence (the larger the down payment, the larger the allowable contribution)
    • maximum of 2% on investment property
  • The HomePath Loan tends to be higher in rate and at times, higher in cost when compated to a standard 30 year fixed conforming loan. 
    • If you want an equivalent rate to the going 30 year fixed, the loan will price with an additional (approx) 1% to 3.50% discount points.  However, these costs are often covered by the seller and there is no mortgage insurance.  In lieu of the discount points, one can just opt for the higher rate in lieu of the discount points.
  • Same basic underwriting requirements of a conforming loan, but without the property issues (appliances missing, small wall patchwork, etc..) does not present problems with the financing.

--->>>Click here to learn more about HomePath Loans

Academy Mortgage serving Maricopa County (Chandler, Mesa, Phoenix, Tempe, Gilbert, Glendale, Scottsdale, Queen Creek and the greater Phoenix Metro Area)

Comment balloon 0 commentsTed Canto • August 30 2010 06:25PM
HomePath Loans in Arizona
share
HomePath Loans in Arizona With the number of REO properties increasing, HomePath financing is becoming more common compared to a year ago. HomePath financing. HomePath financing is available for Fannie Mae REO's (Real Estate Owned/… more
USDA Home Loans Are Available in Arizona
share
USDA Home Loans Are Available I have had many people contact me in the last couple of months requesting information or inquiring whether or not USDA Home Financing is available. There have been stories of Loan Originators using stalling… more
HomePath Financing is Available at Academy Mortgage, Arizona
share
HomePath Financing is Available at Academy Mortgage, Arizona If you are thinking about buying a home and FHA is not an attractive or viable option or better yet, the property does not meet FHA's stringent requirements, you might want to think… more
Credit Cards are Causing Damage to Your Credit Score
share
Credit Cards are Causing Damage to Your Credit Score A new survey from the Federal Reserve shows that, despite how consumers are being hurt in the current economy, banks continue to raise the interest rates and lower credit limits with most… more