Whats a homepath loan?

Homepath is a very specific loan for a very specific home. It is only available on Fannie Mae foreclosures and they can be found at www.Homepath.com . It will aloow you to put just 3% down if you live in the home and only 15% down as an investment property. the homepath loan does not ever have mortgage insurance and does not require an appraisal. If there are issues with the home then the lender will not see them because there is no appraisal. If it is an investment property it is a great loan and as an owner occupied loan, it competes closely with an FHA that requires 3.5% down payment and mortgage Insurance. It is always good to compare side by side to other loans.I am happy to help and I can be reached at (866) 385-1650 or www.AskTheLoanMan.com Cheers!

Hi Jason, Hans gave you a great answer. You get more for your money usually with a HomePath loan as well. They are Fannie Mae foreclosures. When you look at a property on Homepath.com you will see what the home last sold for. If you would like to discuss further feel free to contact us. Michelle & Benny 201-962-3555 TeamAmbassador@BestMortgageOption.com

HomePath is a great loan product for Fannie Mae foreclosed homes. It's only available on Fannie Mae properties. No monthly mortgage insurance, no appraisal, however the rate usually is higher, but overall the payment is lower. 3% down payment is pretty cool too... WilliamAcres.com

Jason, this is an outstanding loan program, no appraisal, no mortgage insurance and as little as 3% down on a owner occuiped home. Best of all is does nto have mortgage insurance which is off set by a slightly higher interest rates which can work to your benefit if you make over a certain income, for more details, please visit my website www.nathanrufty.com/homepath

Funny how so many Loan Officer explain everything. While the HomePath loan has no "monthly" mortgage insurance, they do that by giving you a higher interest rate. The smaller the down payment, the higher the rate. For example, on an FHA 30-year fixed with 3.5% down, you could get 3.75% with no origination fee. The 3% down HomePath would be about 5.00% WITH an origination fee. Now, the FHA loan has mortgage insurance. So on a sample $150,000 loan, the payment on an FHA would be $809, while the payment on a HomePath would be $781. But, eventually, you can drop the PMI on the FHA loan, making it (in this example) even better at only $670 a month. You save $28 a month initially, but your closing costs are $1500 more. The $28 savings would take 53 months to make up for the $1500 in closing costs. Do you still want HomePath? Hmmm... Not such an easy answer now. This is a classic example of why people need to work with a true mortgage professional who will show you all your options Buying in MN or WI? Visit www.Minneapolis-Mortgage.com