How do I get a Fannie Mae HomePath loan?
How do you qualify for a Fannie Mae HomePath loan?
- Low-income borrower.
- First-time buyer or repeat buyer who hasn’t owned a home in the past three years.
- Limited cash for a down payment.
- A credit score of at least 620 (with the best pricing for credit scores above 680)
- A maximum debt-to-income ratio (DTI) of 36%
Who qualifies for Fannie Mae HomePath?
Fannie Mae requires that you must not have held any type of homeownership in the last 3 years to qualify as a first-time buyer. You must also plan to use your HomePath home as a primary residence, and you need to move into the property in a timely manner, legally, within 60 days of closing.
How does HomePath by Fannie Mae work?
How Does Fannie Mae HomePath Work? HomePath is an online program through which you can purchase Fannie Mae-owned properties that are going to be foreclosed. Fannie Mae will acquire these properties by a deed-in-lieu—meaning that the homeowner voluntarily gives up ownership of their home to the mortgage company.
Does Fannie Mae negotiate on price?
Although, typically, negotiation isn’t a part of the purchase plan, Fannie Mae has something called the First Look program, which lets qualifying homebuyers view and purchase properties before investors can make an offer on them.
Are HomePath loans still available?
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.
Does Fannie Mae HomePath pay closing costs?
HomePath “Ready Buyer” Pays Your Closing Costs The Fannie Mae HomePath program is an excellent way for buyers and real estate investors to find homes for sale at a discount. Closing cost assistance is paid by Fannie Mae, and delivered to your closing.