Everything You Need to Know About Homepath Mortgage Loans
What is a HomePath Mortgage Loan?
HomePath Mortgage Loans are available for Fannie Mae owned properties that offer benefits to eligible borrowers such as low down payment, no mortgage insurance, flexible mortgage terms and more. HomePath Mortgage Loans are available for both owner occupants and investors. As houses owned by Fannie Mae are move-in ready homes, which are competitively priced, they often attract first time home buyers, homeowners who want a bigger home, or retirees looking to consolidate. Fannie Mae also includes HomePath Renovation Mortgages for homes requiring light to moderate renovations.
What happened to HomePath Mortgage Loans?
The Fannie Mae HomePath Mortgage Loan started in 2009 to sell homes that were retrieved by foreclosures. The U.S. housing market collapsed in the late 2000’s, which was a serious problem. The original Fannie Mae HomePath financing home loan program was discontinued in October 2014, but a revised loan program started in early 2015, focusing on the HomePath Ready Buyer Program.
First-time homebuyers can take the HomePath education course, which is about home ownership, aimed at ensuring smart and sustainable homeownership.
Fannie Mae is a term used to describe the Federal National Mortgage Association (FNMA). The Fannie Mae HomePath Mortgage Loan was first introduced in the year 1938. The goal was to create a secondary mortgage market and the objective was to create affordable housing options for low, moderate, and middle-income Americans, and this continues even today.
To qualify HomePath Mortgage Loan, first-time homebuyers shouldn’t have owned a home in the previous three years, and they must reside in the property they purchase as their primary residence.
HomePath Mortgage Loan Benefits
- Low down payment
- Flexible mortgage loan terms
- Low credit scores
- HomePath Renovation Loans are available to both owners and investors.
- No mortgage insurance
- No appraisal cost
- No prepayment penalties
HomePath Renovation Benefits
- Funds for both property and light renovation
- Low down payment
- Flexible mortgage terms
- No mortgage insurance
If you’re looking for a home loan or want to refinance your existing loan, Drew Mortgage Associates, Inc. can help! Drew Mortgage Associates, Inc. is a Boston mortgage lender that can help provide a mortgage loan or refinance your existing loan with a low-interest rate or a reduced loan term. Our home loan officers are trained professionals who can help identify the best loan program for you that suits your financial needs. Drew Mortgage Associate, Inc. is the most preferred mortgage lender in MA. What are you waiting for? Call Drew Mortgage today!
