Homepath Properties and Mortgages
Add CommentAdd Comment
no photo
Article By:

Many home buyers in this market are not able to have 20% down for the downpayment on their mortgage. If this is the case you are going to be looking at a Mortgage Insurance premium added onto each monrthly payment. For example on a conventional mortgage with 3% down, mortgage amount of $200,000, a mortgage insurance percentage might be 1.55%. Your mortgage insurance montly premium will be $258.33! You will have this premium for years to come! FHA mortgage insurance is not quite as expensive but for a similar situation it will likely be around $190 per month. This is purely insurance and will never count towards your equity or loan balance.

For those buyers that can qualify, a homepath loan has NO Mortgage Insurance. Your options for selecting a property are greatly limitied although all Homepath Eligible properties are Fannie Mae Foreclosures and are typically priced very well. Homepath Loans are possible with as little as 3% down, which is even less than FHA. You will not have to pay for an appraisal and the lender will fund on the property based upon appraisals and inspections already obtained by Fannie Mae. This will make closing costs less and your payment less as well.

These loans are slightly more difficult to obtain than FHA and standard Conventional Mortgages, but if you fit their requirements this can be a great way to go!

To get started, first take a look through the Homepath Eligible Properties.

Next, you should Contact me as well as a lender. Be sure you contact someone very experienced with Homepath Loans, a novice lender will likely only lead to problems with Homepath Loans. Lenders

Comments (0)