Fannie Mae Is Ending the HomePath Program – ZING Blog by Quicken Loans #reverse #mortgage


#homepath mortgage rates

#

Fannie Mae Is Ending the HomePath Program

I’ve got some good news and some bad news on the housing front. First, the good news: The market is ticking up and the inventory of foreclosed homes is dwindling. The bad news: For just that reason, Fannie Mae is ending its HomePath program.

Fannie Mae’s HomePath program helps buyers of foreclosed properties get cost-effective mortgages, including cash for repairs and remodeling on homes owned by Fannie Mae. The HomePath program currently offers a number of incentives for home buyers: You can put down as little as 5%, there’s no mortgage insurance requirement, and you don’t have to get an appraisal.

Also to end is Fannie’s HomePath Renovation Mortgage, which allows buyers to borrow extra cash – up to 35% of the purchase price, with a maximum of $35,000 – for light to moderate repairs and updates to a foreclosed property.

You can check out the HomePath program at HomePath.com. but be forewarned that it all comes to an end on October 6, 2014 – so you better act fast if you still want to get in on it!

But don’t be forlorn, as Fannie’s making up for these program withdrawals with a number of financing flexibilities. Fannie Mae will allow interested-party contributions (contributions from the seller, the lender or anyone who stands to benefit from the sale) of up to 6% of the selling price, up from 3%. And, it also now allows properties with Fannie Mae-imposed resale restrictions – restrictions which require a length of time before reselling the property – to qualify for Fannie Mae-backed mortgages.

Quicken Loans offers a wide array of excellent mortgage products designed to fit your needs. Since the HomePath program is coming to an end, we suggest you get in touch with a Quicken Loans Home Loan Expert to find out what option works best for you by visiting QuickenLoans.com or by calling 800-QUICKEN.

Related Posts

Historic Events and Their Effect on Mortgage Rates over a Century With mortgage rates at historic lows, purchasing or refinancing is more affordable than ever. We hig.

Delayed Financing: An Uncommon Refinance Option for Cash Buyers If you’re financially able to buy a house with cash, there may be some benefits for you. But with ra.

What Affects Mortgage Rates? Ever wonder what moves mortgage rates up or down? It doesn’t have to be shrouded in mystery. We have.

Buying a House Without Your Spouse: Community Property Edition Are you married and applying for a mortgage on your own in a community property state? Here’s what y.

Want to impress your friends and family with the knowledge we’ll drop on ya?
If so, subscribe now for tips on home, money, and life delivered straight to your inbox.


Fannie Mae HomePath Mortgage: Getting Approved Mortgage Rates #mortgage #rates #comparison


#homepath mortgage qualifications

#

Fannie Mae HomePath Mortgage: Low Downpayment, No Appraisal Needed, And No PMI

Fannie Mae Homepath

The Fannie Mae Homepath loan is a defunct mortgage program which reduced the cost of purchasing a foreclosed property for either personal use, or to “flip” for profit. Homepath loans required no private mortgage insurance (PMI). Today, Fannie Mae still operates a Homepath website, on which it lists foreclosed properties for sale.

Editor’s Note: The HomePath program was discontinued in October 2014. This post will not be deleted for archival purposes. For other low-downpayment mortgage programs, click http://themortgagereports.com/11306/buy-a-home-with-a-low-downpayment-or-no-downpayment-at-all .

Buying A Home Using HomePath

Since 2006, home buyers have flocked to foreclosed homes as an inexpensive way to purchase property.

Even today, foreclosures remain popular among all buyer types including first-time home buyers, move-up buyers, and real estate investors, as well.

To help match foreclosed homes with buyers who want them, then, Fannie Mae offers a special program called HomePath. HomePath is a brand name and refers to foreclosed homes sold by Fannie Mae directly.

Fannie Mae HomePath is available in all 50 states.

What Is The Fannie Mae HomePath Mortgage?

The Fannie Mae HomePath program first launched in early-2009 as a way to help Fannie Mae sell homes it had reclaimed via foreclosure.

The agency is not designed to “manage properties” so the HomePath program was created to unload the thousands of homes which Fannie Mae had repossessed.

The HomePath program lets buyers buy Fannie Mae-owned homes with simpler mortgage requirements than with a traditional loan, at current mortgage rates .

There are two distinct programs available via HomePath.

The first program is called the HomePath Mortgage. The Home Path Mortgage resembles a traditional home loan you might find from a bank.

The standard HomePath mortgage is meant for buyers who are purchasing the foreclosed property to be their primary residence; and for homes which are generally move-in ready.

The second HomePath program is called the HomePath Renovation Mortgage.

The HomePath Renovation Mortgage is aimed at buyers buying a home in need of heavier work or repair; and, real estate investors doing fix-and-flip, for example.

Via HomePath Renovation, a foreclosure buyer can purchase a home and simultaneously borrow the lesser of either 35% of the home’s value-after-repairs, or $35,000. The purchase and renovation loans close simultaneously, which reduces borrower closing costs.

The Benefits Of A HomePath Mortgage

For buyers of foreclosed homes, the Fannie Mae HomePath loan boasts several distinct advantages over other financing types such as the FHA loan and VA loan .

As one example, via HomePath, lenders require just 5% down on a purchase for buyers who are purchasing a home to use as a primary residence. For investors, the minimum downpayment is just 10 percent.

These downpayment requirements are in-line with Fannie Mae’s other, non-HomePath loan programs but with one major exception — via HomePath, private mortgage insurance (PMI) is not required.

There is no PMI ever on a Fannie Mae HomePath loan.

Other unique traits of the Home Path program include :

  • Home appraisals are not required
  • Less-than-perfect credit is allowed — even below 660
  • Buyers can accept up to 6% seller concessions to offset total closing costs

Furthermore, downpayments on a HomePath Mortgage can be gifted from a family member; or, made via a grant or loan from a non-profit organization, state or local government, or employer.

As an added bonus to buyers, Fannie Mae offers a “First Look” marketing program to buyers who plan to buy a foreclosed home to make it their primary residence.

Designed to promote homeownership and neighborhood stabilization, First Look makes properties available to primary home buyers 20 days prior to real estate investors.

First Look gives primary home buyers an opportunity to buy HomePath-eligible homes without the pressure of bidding against bona fide investors.

Am I Eligible for a HomePath Mortgage?

As with all mortgage loans, the HomePath Mortgage requires borrowers to meet qualification standards known as “mortgage guidelines”.

For example, in order to qualify for the HomePath Mortgage, your lender will verify your income via W-2s and tax returns; your assets via bank statements; and, your credit scores via an official credit report.

Subject properties must also be marked as Fannie Mae HomePath-eligible. Your real estate agent can help you to locate participating properties.

Condominium can be non-warrantable via the HomePath Mortgage program but lenders will require the project to carry minimum insurance to protect against loss.

Interest-only mortgages are not allowed via HomePath and not all lenders will offer the HomePath Renovation Mortgage option.

If at first your loan is declined, consider re-applying with a different mortgage lender.

What Are Today’s Mortgage Rates?

For today’s buyers of foreclosed properties, consider the Fannie Mae HomePath program. Mortgage rates are low, program terms are generous, and there are thousands of eligible homes nationwide.

Get today’s live mortgage rates now. Your social security number is not required to get started, and all quotes come with access to your live mortgage credit scores.

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.


HomePath: Fannie Mae Home Path Mortgage Financing Program – Arizona Mortgage Team #10 #year #fixed


#home path mortgage

#

HomePath: Fannie Mae Home Path Mortgage Financing Program

HomePath Mortgage Loans

The Fannie Mae Home Path financing program is designed to help potential buyers buy a home that is currently owned by Fannie Mae by giving them a great deal on the HomePath mortgage financing package.

HomePath Mortgage Financing: Popular In Arizona

The regular HomePath mortgage is designed for people who are planning on making the property their primary residence. You will often see homes that are eligible for this with the logo seen above somewhere on the sales sheets and information about the HomePath program will usually be in the remarks section of the MLS.

HomePath mortgage financing benefits include:

  • Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
  • You may qualify even if your credit is less than perfect
  • Available to both owner occupiers and investors
  • Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
  • No mortgage insurance
  • No appraisal fees
  • No declining markets policy
  • No more than 10 financed properties
  • No prepayment penalties

HomePath Renovation Mortgage

The HomePath renovation mortgage is for people who are planning on buying a home that is currently owned by Fannie Mae, making it their primary residence and the home is in need of a few repairs. You will often see homes that are eligible for this program with the above logo on the sales sheets and will usually find more information in the remarks section of the MLS.

HomePath renovation mortgages have these benefits:

  • Financing to fund both your purchase and light renovation
  • Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
  • Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
  • No mortgage insurance

If you are considering buying a home that is currently owned by Fannie Mae, be sure to look into the HomePath mortgage financing program. In an effort to lower the inventory of houses they currently own, some of the best deals in a long time can now be had! The best way to get a great deal is to speak with a lender who can help you with the homepath programs today. Here are just a few lenders who are updating their rates daily shop multiple lenders to get the best possible deal.

IMPORTANT MORTGAGE DISCLOSURES:

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check. Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

Copyright 2016 Mortgage Rate Lock is not a government agency. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

NMLS ID #1237615 | AZMB #0928735

8149 N. 87th Place, Suite 211, Scottsdale, AZ 85258


Fannie Mae Home Path Credit Score Requirements Down Payment Qualifications #mortgage #house


#homepath mortgage qualifications

#

Fannie Mae Home Path

The Fannie Mae HomePath® program is a fixed-rate, fully amortizing loan program that provides the financing for properties that are owned by Fannie Mae as a result of foreclosure or other similar action such as a deed-in-lieu.

  • Low down payment minimum of 3% down paymentis required which can be funded by the borrower’s own savings, a gift, a grant or a secured loan from a nonprofit organization, state or local government or employer
  • No appraisal required
  • No mortgage insurance required
  • Expanded seller contributions for closing costs allowed

Primary Residence Purchase

  • 1 Unit 97% LTV with 660 minimum credit score and 80% with 620 minimum credit score
  • 2 Units 85% 660 with minimum credit score and 80% with 620 minimum credit score
  • 3-4 Units 75% LTV with 620 minimum credit score

Second Home Purchase

  • 1 Unit 90% LTV with 700 minimum credit score 80% LTV with 620 minimum credit score

Investment Property Purchase

  • 1 Unit 85% LTV with 700 minimum credit score
  • 80% LTV with 620 minimum credit score
  • 2-4 Units 75% LTV 620 minimum credit score

HIGH BALANCE FIXED RATE

Primary Residence Purchase

  • 1 Unit 90% LTV with 700 minimum credit score
  • 75% with 660 minimum credit score
  • 2-4 Units 75% LTV with 740 minimum credit score

Second Home Purchase

  • 1 Unit 65% LTV with 740 minimum credit score

Investment Property Purchase

  • 1-4 Units 65% LTV with 740 minimum credit score

PROGRAM GUIDELINES

  • Purchase transactions of owner occupied 2-4 unit properties are subject to the following:
  • 2 units: Borrowers may not own any other residential property of equal or greater value in the same area in which the units are located. The mailing address and property address must be verified as the same. If this verification cannot be made, the property must be treated as an investment property.
  • 3-4 units: The loan documentation (credit report, income/asset verification) must show the subject property as the borrower’s address. ·

The Homeowner’s insurance policy must show that the mailing address and subject property are the same. The purchase contract must show the borrower’s intent to occupy.

Interested party contributions, as a percentage of the sales price or appraised value, whichever is less, are limited to the following values.

OccupancyLTV/CLTVMaximum Seller Contributions

  • Primary Residence up to 97% maximum 6% contribution
  • Less than 75% LTV maximum 9% contribution
  • Second Homes 75.0 up to 97% maximum 6% contribution
  • Less than 75% LTV maximum 9% contribution
  • Investment Properties All LTVs 2%

Call us 888.958.4228

We look forward to working with you.

We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.

Call us 888.958.4228

Mortgage World Home Loans of New Jersey, LLC 229A Franklin Ave. Cliffside Park NJ 07010 Florida License Number – MBR 1608 Nationwide Mortgage Licensing System ID 1214053 Mortgage World Home Loans of New Jersey, LLC is not an agency of the state or federal government and is not affiliated with the Federal Housing Administration. All loans arranged with third-party providers. Call us 888.958.5382

Fannie Mae Home Path Florida, Fannie Mae Home Path Florida


Prospect Mortgage – Options for Buying Fannie Mae Foreclosed Properties #mortgage #reduction #program


#homepath mortgage financing

#

Great Loan Options for Buying Fannie Mae Foreclosed Properties

Buying a foreclosure from Fannie Mae can be a great way to get the house you want at an affordable price. Prospect Mortgage has many loan programs that are perfect for purchasing your foreclosure. We can even provide funds to upgrade the home with no additional down payment!

  • Get a great price on a bank-owned home
  • Use an FHA loan and buy with as little as 3.5% down on a primary residence
  • Get up to $35,000 (or more) to upgrade or renovate your home
  • VA loans require no down and no mortgage insurance for veterans on a primary residence

Who Qualifies?

  • Buyers with a minimum down payment of 3.5% for their primary residence using an FHA loan
  • Minimum credit score 580 for some programs; 640 for others
  • Buyers planning to use their property as primary residence, second home or investment
  • Buyers must be able to document their income

Loan Programs

There are many reasons why a Prospect Mortgage foreclosure loan might be right for you. Learn more

Renovation Loans

Once you find a house, turn it into the perfect home with a Prospect Mortgage Renovation loan. A renovation loan allows you to completely change the floor plan of a house or make smaller upgrades to appliances, flooring or windows. Learn more

Discontinued Fannie Mae HomePath Financing Program

Fannie Mae will stop offering their HomePath suite of mortgage products on October 7, 2014. Prospect will continue to accept new loan applications until October 6, 2014 for the HomePath Mortgage provided:

  • The signed, fully executed HomePath purchase contract includes a Real Estate Purchase Addendum dated on or before October 6, 2014, and the addendum indicates that the borrower intends to use HomePath Mortgage financing.
  • The HomePath loan must be funded on or before December 31, 2014.

The HomePath suite includes: HomePath Mortgage, HomePath Renovation Mortgage, HomePath Non-Owner Occupied. If you have clients who are considering buying with a HomePath Mortgage, please let them know that they have a limited time to secure their financing.

Even though Fannie Mae is ending HomePath Renovation Financing, Prospect has additional renovation programs that can help move listings that are outdated or in need of repairs.

Existing Customers

Contact customer service or manage your closed loan online at Cenlar’s website: Loan Servicing Portal

2016 Prospect Mortgage, LLC.

Mortgage loans are available in the United States only, not available in OH or UT and currently not available in Canada, Guam, Puerto Rico or Virgin Islands.

Loan inquiries and applications will be referred to a Loan Officer who is licensed in the property state. Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd. Suite D300, Sherman Oaks, CA 91403, 800-464-2484. Prospect Mortgage, LLC, NMLS ID #3296, (www.nmlsconsumeraccess.org ) is a Delaware limited liability company licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act and operates with the following licenses: AZ Mortgage Banker License #BK0903027; Georgia Residential Mortgage Licensee #16984; Illinois Residential Mortgage Licensee; MA Mortgage Lender/Broker License #MC3296; MS Licensed Mortgage Co.; Licensed by the NJ Dept. of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services, 711 Westchester Avenue, Suite 304, White Plains, NY 10604; RI Licensed Lender, RI Licensed Loan Broker; In Texas, located at 8650 Freeport Parkway, Suite 130, Irving, TX 75063. This is not an offer for extension of credit or a commitment to lend. Loans are currently being closed and committed at the expressed rates, however these rates may change or may not be available at the time of your loan lock-in, commitment or closing. All loans must satisfy company underwriting guidelines, interest rates and APRs are based on recent market rates, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value ratio, credit score and other variables. Terms and conditions apply. Additional loan programs may be available. This is not an offer to enter into a rate lock agreement under MN law, or any other applicable law. Call for details. 08/2016. Our Loan Officers are dedicated to helping you with your home financing needs.

TX Complaint & Recovery Fund Notice

HomeStyle is a registered trademark of Fannie Mae.

Disclosure last updated August 24, 2016

Server Host Name:VPROWSEX01-ELS1


Refinance Overview: Fannie Mae #jumbo #mortgage #rate


#refinancing your mortgage

#

Refinance Overview

Looking to lower your interest rate, shorten the term of your loan or switch from an adjustable-rate to fixed-rate mortgage? If so, refinancing might be the right option for you!

When you refinance, you receive a completely new mortgage with new terms, interest rates and monthly payments—the new loan completely replaces your current mortgage. If you have a high-interest rate mortgage, an adjustable-rate loan, or maybe your payments are becoming unmanageable, refinancing may be able to lower your monthly payments, shorten the term of your loan or move you into a more secure loan.

Whatever the reason, there are basically two types of refinancing options available—the federal government’s Home Affordable Refinance Program (HARP), which is designed specifically to help homeowners with little or no equity refinance, or a traditional Refinance. Find out if you’re eligible and which option may be right for you.

HARP is designed specifically to help borrowers who may be ineligible for traditional refinancing due to a loss of home value or because they have little or no equity. More »

If you simply want to make your payments more comfortable and your home value is steady or has increased, you may be able to refinance your mortgage. More »

The refinance calculator is provided to help you with general information regarding the possible benefits of refinancing your first mortgage. More »

Before looking into refinancing as an option, there are a couple of things you should consider. Your mortgage payments need to be current before applying. The application process is similar to when you applied for a mortgage to finance the purchase of your home, so start pulling your financing information together right away. Your mortgage company will work with you through every step, and will help determine the best mortgage option for your specific needs.


HomePath: Fannie Mae Home Path Mortgage Financing Program – Arizona Mortgage Team #online #mortgage #application


#home path mortgage

#

HomePath: Fannie Mae Home Path Mortgage Financing Program

HomePath Mortgage Loans

The Fannie Mae Home Path financing program is designed to help potential buyers buy a home that is currently owned by Fannie Mae by giving them a great deal on the HomePath mortgage financing package.

HomePath Mortgage Financing: Popular In Arizona

The regular HomePath mortgage is designed for people who are planning on making the property their primary residence. You will often see homes that are eligible for this with the logo seen above somewhere on the sales sheets and information about the HomePath program will usually be in the remarks section of the MLS.

HomePath mortgage financing benefits include:

  • Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
  • You may qualify even if your credit is less than perfect
  • Available to both owner occupiers and investors
  • Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
  • No mortgage insurance
  • No appraisal fees
  • No declining markets policy
  • No more than 10 financed properties
  • No prepayment penalties

HomePath Renovation Mortgage

The HomePath renovation mortgage is for people who are planning on buying a home that is currently owned by Fannie Mae, making it their primary residence and the home is in need of a few repairs. You will often see homes that are eligible for this program with the above logo on the sales sheets and will usually find more information in the remarks section of the MLS.

HomePath renovation mortgages have these benefits:

  • Financing to fund both your purchase and light renovation
  • Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
  • Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
  • No mortgage insurance

If you are considering buying a home that is currently owned by Fannie Mae, be sure to look into the HomePath mortgage financing program. In an effort to lower the inventory of houses they currently own, some of the best deals in a long time can now be had! The best way to get a great deal is to speak with a lender who can help you with the homepath programs today. Here are just a few lenders who are updating their rates daily shop multiple lenders to get the best possible deal.

IMPORTANT MORTGAGE DISCLOSURES:

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check. Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

Copyright 2016 Mortgage Rate Lock is not a government agency. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

NMLS ID #1237615 | AZMB #0928735

8149 N. 87th Place, Suite 211, Scottsdale, AZ 85258


Fannie Mae Is Ending the HomePath Program – ZING Blog by Quicken Loans #20 #year


#homepath mortgage rates

#

Fannie Mae Is Ending the HomePath Program

I’ve got some good news and some bad news on the housing front. First, the good news: The market is ticking up and the inventory of foreclosed homes is dwindling. The bad news: For just that reason, Fannie Mae is ending its HomePath program.

Fannie Mae’s HomePath program helps buyers of foreclosed properties get cost-effective mortgages, including cash for repairs and remodeling on homes owned by Fannie Mae. The HomePath program currently offers a number of incentives for home buyers: You can put down as little as 5%, there’s no mortgage insurance requirement, and you don’t have to get an appraisal.

Also to end is Fannie’s HomePath Renovation Mortgage, which allows buyers to borrow extra cash – up to 35% of the purchase price, with a maximum of $35,000 – for light to moderate repairs and updates to a foreclosed property.

You can check out the HomePath program at HomePath.com. but be forewarned that it all comes to an end on October 6, 2014 – so you better act fast if you still want to get in on it!

But don’t be forlorn, as Fannie’s making up for these program withdrawals with a number of financing flexibilities. Fannie Mae will allow interested-party contributions (contributions from the seller, the lender or anyone who stands to benefit from the sale) of up to 6% of the selling price, up from 3%. And, it also now allows properties with Fannie Mae-imposed resale restrictions – restrictions which require a length of time before reselling the property – to qualify for Fannie Mae-backed mortgages.

Quicken Loans offers a wide array of excellent mortgage products designed to fit your needs. Since the HomePath program is coming to an end, we suggest you get in touch with a Quicken Loans Home Loan Expert to find out what option works best for you by visiting QuickenLoans.com or by calling 800-QUICKEN.

Related Posts

Historic Events and Their Effect on Mortgage Rates over a Century With mortgage rates at historic lows, purchasing or refinancing is more affordable than ever. We hig.

Delayed Financing: An Uncommon Refinance Option for Cash Buyers If you’re financially able to buy a house with cash, there may be some benefits for you. But with ra.

What Affects Mortgage Rates? Ever wonder what moves mortgage rates up or down? It doesn’t have to be shrouded in mystery. We have.

Buying a House Without Your Spouse: Community Property Edition Are you married and applying for a mortgage on your own in a community property state? Here’s what y.

Want to impress your friends and family with the knowledge we’ll drop on ya?
If so, subscribe now for tips on home, money, and life delivered straight to your inbox.


Fannie Mae HomePath Approved Lenders Home Path Mortgage Qualifications #mortgage #insurance #calculator


#homepath mortgage qualifications

#

Fannie Mae HomePath

The Fannie Mae HomePath® program is a fixed-rate, fully amortizing loan program that provides the financing for properties that are owned by Fannie Mae as a result of foreclosure or other similar action such as a deed-in-lieu.

  • Low down payment minimum of 3% down payment is required which can be funded by the borrower’s own savings, a gift, a grant or a secured loan from a nonprofit organization, state or local government or employer
  • No appraisal required
  • No mortgage insurance required
  • Expanded seller contributions for closing costs allowed

Primary Residence Purchase

  • 1 Unit 95% LTV with 660 minimum credit score and 80% with 620 minimum credit score
  • 2 Units 85% 660 with minimum credit score and 80% with 620 minimum credit score
  • 3-4 Units 75% LTV with 620 minimum credit score

Second Home Purchase

  • 1 Unit 90% LTV with 700 minimum credit score 80% LTV with 620 minimum credit score

Investment Property Purchase

  • 1 Unit 85% LTV with 700 minimum credit score
  • 80% LTV with 620 minimum credit score
  • 2-4 Units 75% LTV 620 minimum credit score

HIGH BALANCE FIXED RATE

Primary Residence Purchase

  • 1 Unit 90% LTV with 700 minimum credit score
  • 75% with 660 minimum credit score
  • 2-4 Units 75% LTV with 740 minimum credit score

Second Home Purchase

  • 1 Unit 65% LTV with 740 minimum credit score

Investment Property Purchase

  • 1-4 Units 65% LTV with 740 minimum credit score

PROGRAM GUIDELINES

  • Purchase transactions of owner occupied 2-4 unit properties are subject to the following:
  • 2 units: Borrowers may not own any other residential property of equal or greater value in the same area in which the units are located. The mailing address and property address must be verified as the same. If this verification cannot be made, the property must be treated as an investment property.
  • 3-4 units: The loan documentation (credit report, income/asset verification) must show the subject property as the borrower’s address. ·

The Homeowner’s insurance policy must show that the mailing address and subject property are the same. The purchase contract must show the borrower’s intent to occupy.

Interested party contributions, as a percentage of the sales price or appraised value, whichever is less, are limited to the following values.

OccupancyLTV/CLTVMaximum Seller Contributions

  • Primary Residence up to 95% maximum 6% contribution
  • Less than 75% LTV maximum 9% contribution
  • Second Homes 75.0 up to 97% maximum 6% contribution
  • Less than 75% LTV maximum 9% contribution
  • Investment Properties All LTVs 2%

Call us 888.958.5382

We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.

We look forward to working with you.

Mortgage World Home Loans of New Jersey, LLC 229A Franklin Ave. Cliffside Park NJ 07010 Florida License Number – MBR 1608 Nationwide Mortgage Licensing System ID 1214053 Mortgage World Home Loans of New Jersey, LLC is not an agency of the state or federal government and is not affiliated with the Federal Housing Administration. All loans arranged with third-party providers. Call us 888.958.5382

HomePath, HomePath Florida


Fannie Mae Mortgage Help Network: Fannie Mae #www.mortgage #calculator


#mortgage help programs

#

Fannie Mae Mortgage Help Network

All Fannie Mae homeowners have access to our Mortgage Help Network for free mortgage assistance provided by one of our national or community based nonprofit partners. You’ll work directly with a housing advisor who will review your situation, explain your options, and work with your mortgage company throughout the process.

Nationwide Support

Our Mortgage Help Network partners provide nationwide support via phone with both English and Spanish advisors available. In some areas, in-person appointments are available.

For Fannie Mae Homeowners

Our Mortgage Help Network is available for homeowners with loans owned by Fannie Mae. If you do not have a loan(s) owned by Fannie Mae, you can: visit the Making Home Affordable website ; contact a HUD-approved housing counseling agency ; or speak with your mortgage company for assistance.

Get Started

To request help from our Mortgage Help Network, you’ll need to first confirm your loan is owned by Fannie Mae by using our Loan Lookup Tool, and then contact one of our listed housing partners.

Step 1:

Complete the Loan Lookup Form to determine eligibility. If your loan is owned by Fannie Mae, your results page will provide additional information on options as well as provide a link to request mortgage help.

Step 2:

Click the Request Mortgage Help link (on the Loan Lookup Results page) to see a list of our Mortgage Help Network partners along with location and contact information. Select a partner, and call or visit their website for further assistance and information.