Home Path Mortgage allows a buyer to purchase a Fannie Mae-owned property with a 3% down payment. No lender-requested appraisal and no mortgage insurance. This is only for Fannie Mae-owned properties.
|Credit score:||620 minimum|
|Property type:||SFR, Condo, PUD (2-4 units below)|
|Down Payment:||3% minimum|
|Loan to Value:||97% Max. CLTV: 97%|
|Gift Funds||Allowed. No minimum buyer contribution required.|
|Closing cost:||Seller and/or lender can pay up to 6%|
|Debt Ratio:||45% with compensating factors up to 50%|
- 20% Down, primary residence, 2 units
- 25% Down, primary residence , 3-4 units
- 10% down, secondary home or investment, 660 score, 1 unit
- Lender –paid closing cost available
- Condos do not need to be reviewed for eligibility
- No Appraisal report required
- Secondary Financing, Gifts, and Grants allowed
- No Mortgage Insurance regardless of down payment
- Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs.
- 2 Mos. reserves on Secondary, 6 Mos. on Investment
This page contains program highlights only. See sidebar links for further information and details.