The HomePath Mortgage
The HomePath mortgage program allows home buyers to finance a Fannie Mae-owned property with special loan terms unavailable on other homes. Special loan terms, such as:
HomePath Mortgages for HomePath Homes
But, it is important to remember that in order to qualify for a HomePath mortgage, you must be buying a HomePath property. HomePath properties can be found online at www.homepath.com and any home that has the ‘HomePath Mortgage’ logo is eligible for this special financing.
What to Watch Out For
One thing to watch out for when purchasing a HomePath property, would be to make sure you aren’t overpaying too much for the home. Fannie Mae owns the property and is the one guaranteeing your new loan, so whatever price point they set for the house goes. An experienced Realtor can make all of the difference here. They have the tools and knowledge necessary to ensure that you don’t make a mistake and overpay for your new home.
The Bottom Line
The HomePath mortgage program can be a terrific tool, but isn’t for every situation. Consulting with a licensed mortgage professional and ask for a comparison between HomePath and some other loan choices you may have. Keep in mind though, that while HomePath properties don’t require the use of HomePath mortgage financing,
*Updated 2/13/14 – Fannie Mae announced today that home buyers may receive up to 3.5 percent in closing cost assistance when they purchase a HomePath® property in 27 states during the FirstLook™ period. To be eligible for the incentive, the initial offer must be submitted between February 14, 2014 and March 31, 2014, and the loan must close on or before May 31, 2014.