Fannie Mae HomePath ® Mortgage Overview Kathie McGlaughlin 954-650-6498 NMLSR ID 508787
Fannie Mae has thousands of real estate owned (REO) properties for sale.
They have a need to find buyers for these properties, thus stimulating the economy and minimizing impacts on a neighborhood.
WFHM has teamed up with Fannie Mae to offer HomePath Mortgage , which is a program specifically available for select Fannie Mae REOs.
The HomePath Mortgage provides your buyers more options for financing Fannie Mae owned REOs.
Our Sales teams are experienced in providing REO financing.
Our Fulfillment sites have been specifically trained on this REO product and are ready to help process your buyer’s loans.
Fannie Mae also provides renovation financing under the HomePath Mortgage program.
At this time, WFHM will not be providing the Fannie Mae HomePath Renovation Mortgage product as our current renovation financing options provide greater benefits for our customers:
More days allowed to complete the renovation
Higher renovation limits
Less restrictive credit score requirements
WFHM’s current renovation programs are great financing options for not only Fannie Mae REOs but other REOs properties.
HomePath Mortgage Key Benefits:
No Mortgage Insurance (MI) – pricing adjusters in lieu of MI will apply to LTVs > 80%
Low down payment
Flexible mortgage terms (fixed rate, adjustable rate, or Interest-Only)
Financing option for buyers with less than perfect credit
Available for primary residences, second homes and investment properties
Only select Fannie Mae REOs are eligible
Properties available for the HomePath Mortgage can be viewed at www.homepath.com
Conventional Conforming Loan Terms Available:
10, 15, 20, and 30 year fixed
3/1, 5/1, 7/1, 10/1 LIBOR ARM
Interest-Only payment feature for qualifying loans
Down Payment Sources (Primary Residence) :
Down payment (at least 3%) can be funded by:
Borrower’s own savings
Loan from a nonprofit organization, state or local government, or employer
Down payment assistance programs (DAPs) are not allowed as a source of down payment for LTVs over 95% at this time
A 5% minimum borrower down payment is required for LTVs from 80.01 to 95%
Program Overview -- Eligible Property Types Property Type Primary Second/Vacation Investment Single-family – detached or attached X X X 2 units X N/A X 3 units X N/A X 4 units X N/A X Low-rise condo X X X High-rise condo X X X PUD X X X Cooperatives N/A N/A N/A Condotels N/A N/A N/A Manufactured Housing X X N/A
Program Overview -- LTV Requirements HomePath Mortgage LTV Requirements LTV TLTV CLTV LTV TLTV CLTV Primary Fully Amortizing Interest-Only 1 unit 97 97 97 80 95 95 Co-op na na na na na na 2 unit 80 80 80 na na na 3-4 unit 75 75 75 na na na Manufactured Home 95 95 95 na na na Second Home 1 unit 90 90 90 80 90 90 Co-op na na na na na na Manufactured Home 90 90 90 na na na Investment Property 1 unit 90 90 90 na na na Co-op na na na na na na 2 unit 80 80 80 na na na 3-4 unit 75 75 75 na na na Manufactured Home na na na na na na