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Homepath Presentation


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Homepath Presentation

  1. 1. Fannie Mae HomePath ® Mortgage Overview Kathie McGlaughlin 954-650-6498 NMLSR ID 508787
  2. 2. Introduction <ul><li>Fannie Mae has thousands of real estate owned (REO) properties for sale. </li></ul><ul><li>They have a need to find buyers for these properties, thus stimulating the economy and minimizing impacts on a neighborhood. </li></ul><ul><li>WFHM has teamed up with Fannie Mae to offer HomePath Mortgage , which is a program specifically available for select Fannie Mae REOs. </li></ul>
  3. 3. Introduction <ul><li>The HomePath Mortgage provides your buyers more options for financing Fannie Mae owned REOs. </li></ul><ul><li>Our Sales teams are experienced in providing REO financing. </li></ul><ul><li>Our Fulfillment sites have been specifically trained on this REO product and are ready to help process your buyer’s loans. </li></ul>
  4. 4. Introduction <ul><li>Fannie Mae also provides renovation financing under the HomePath Mortgage program. </li></ul><ul><li>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: </li></ul><ul><ul><li>More days allowed to complete the renovation </li></ul></ul><ul><ul><li>Higher renovation limits </li></ul></ul><ul><ul><li>Higher LTVs </li></ul></ul><ul><ul><li>Less restrictive credit score requirements </li></ul></ul><ul><li>WFHM’s current renovation programs are great financing options for not only Fannie Mae REOs but other REOs properties. </li></ul>
  5. 5. Program Overview <ul><li>HomePath Mortgage Key Benefits: </li></ul><ul><ul><li>No appraisal </li></ul></ul><ul><ul><li>No Mortgage Insurance (MI) – pricing adjusters in lieu of MI will apply to LTVs > 80% </li></ul></ul><ul><ul><li>Low down payment </li></ul></ul><ul><ul><li>Flexible mortgage terms (fixed rate, adjustable rate, or Interest-Only) </li></ul></ul><ul><ul><li>Financing option for buyers with less than perfect credit </li></ul></ul><ul><ul><li>Available for primary residences, second homes and investment properties </li></ul></ul>
  6. 6. Program Overview <ul><li>Eligible Properties: </li></ul><ul><ul><li>Only select Fannie Mae REOs are eligible </li></ul></ul><ul><ul><li>Properties available for the HomePath Mortgage can be viewed at </li></ul></ul><ul><li>Conventional Conforming Loan Terms Available: </li></ul><ul><ul><li>10, 15, 20, and 30 year fixed </li></ul></ul><ul><ul><li>3/1, 5/1, 7/1, 10/1 LIBOR ARM </li></ul></ul><ul><ul><li>Interest-Only payment feature for qualifying loans </li></ul></ul>
  7. 7. Program Overview <ul><li>Down Payment Sources (Primary Residence) : </li></ul><ul><ul><li>Down payment (at least 3%) can be funded by: </li></ul></ul><ul><ul><ul><li>Borrower’s own savings </li></ul></ul></ul><ul><ul><ul><li>Gift </li></ul></ul></ul><ul><ul><ul><li>Grant </li></ul></ul></ul><ul><ul><ul><li>Loan from a nonprofit organization, state or local government, or employer </li></ul></ul></ul><ul><ul><li>Down payment assistance programs (DAPs) are not allowed as a source of down payment for LTVs over 95% at this time </li></ul></ul><ul><ul><li>A 5% minimum borrower down payment is required for LTVs from 80.01 to 95% </li></ul></ul>
  8. 8. Program Overview
  9. 9. 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
  10. 10. 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