Are you currently considering buying your first home or perhaps your first, second or even third investment property? If so you may want to consider Fannie Mae’s HomePath program.
Who’s Fannie Mae
Fannie Mae is a government-sponsored enterprise chartered by Congress to keep money flowing to mortgage lenders. They do not make loans directly but rather buy loans from lenders. Unfortunately, due to the housing crisis, they now own homes that they must sell.
To minimize the impact to the neighborhoods in which they reside, they have created the HomePath program and special HomePath financing. If the property is in need of light to moderate renovation the HomePath Renovation Mortgage may be available on your selected property.
What is a HomePath Mortgage?
A HomePath Mortgage allows you to finance a Fannie Mae-owned property with no minimum loan amount, a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance; ask us for cost details on loans without mortgage insurance.
What is a HomePath Renovation Mortgage?
In addition to the above HomePath Mortgages, we are also offering HomePath Renovation Mortgages. This program allows you to purchase and finance a Fannie Mae home that needs light to moderate renovation—the loan amount includes the purchase of the home and the renovation. The funds for renovation can be less than or equal to 35% of the “as completed” value, but no more than $35,000.
What are the benefits?
· Low down payment and flexible mortgage terms—fixed-rate or adjustable rate
· Down payment (at least 3%) 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
· Expanded seller contribution for closing costs allowed
· HomePath and HomePath Renovation Mortgages are available for primary residences, second homes and investment properties
· Many condo project requirements are waived
· For the renovation mortgage, the renovation amount is based on an “as completed” appraised value
BECU is an approved lender bringing HomePath and HomePath Renovation Mortgages to homebuyers locally around the Puget Sound region and all of the states where BECU lends. To learn more about HomePath, visit www.homepath.com.