Grab A Loan That Saves You Money!

Homepath mortgage financing is the mortgage vehicle that is available to REO foreclosure buyer’s of Fannie Mae homes. There are thousands of REO foreclosures available nationwide through Fannie Mae and a Homepath mortgage is a really great mortgage with extememly low fees, low rates, and very lenient qualification terms. Check this stuff out:

• Low Down Payments

If you’re looking to buy a primary residence to live in you’ll need only a 3% down payment to qualify for a Homepath mortgage. You’ll need a 10% down payment for an investment property.

• You’re Not Disqualified If You Already Own A Home

You can already have a mortgage on ten homes and still qualify for a Homepath mortgage. You’ll need a 25% down payment though if you already are financed on four properties or more. This is great news for investors!

• No Appraisal Is Required

An appraisal is not needed for a Homepath mortgage. If you’re concerned about an appraisal coming in a little low you probably shouldn’t be paying that much for the property anyway. Be careful here. If your serious about making an investment, consider getting your own appraisal just to be on the safe side.

• PMI or Private Mortgage Insurance Is Not Required

This is a great advantage to a Homepath mortgage! Depending on the value of the home you can end up making an insurance payment every month that will cost you anywhere from $20 a month to hundreds. You wont run into this added insurance expense with Homepath.

• Jumbo or High Balance Mortgages Available

Sometimes with a mortgage that is as flexible as a Homepath mortgage you can’t get larger loans.

• Sellers Can Contribute To The Mortgage (Seller’s Concessions)

Another great advantage of a Homepath mortgage! The amount that the seller can contribute varies. It depends on how large your down payment is. Sellers can only contribute 2% on an investment property.

• Disadvantage – Rates Are Higher Than 30 Year Conventional

You can buy discount points to bring down your rate to the national average 30 year conventional mortgage rate. Remember that you wont be paying private mortgage insurance. Depending on the size of your loan and your down payment you may actually break even though on the monthly payment when you factor in the lack of PMI and seller’s concessions.

Add the Homepath mortgage to your list of options. I think you’ll like what you find.