HomePath Mortgage allows a borrower to purchase a Fannie Mae owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are also allowed.
Features and Benefits:
- Low down payment and flexible mortgage terms
- Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
- No lender-requested appraisal
- No mortgage insurance
- Available for primary residences, second home and investment properties
- Expanded seller contributions for closing costs allowed
Visit HomePath for more information and to view homes that are available for this program. Be sure to look for the above logo next to the listing.