We are an approved Fannie Mae HomePath California direct mortgage lender and broker. We provide Fannie Mae HomePath mortgage financing throughout California. The HomePath loan program has been most effective in providing affordable financing to homebuyers in counties that were impacted most by foreclosures.
UPDATE: Fannie Mae has DISCONTINUED the HomePath REO loan program, effective October 7, 2014, and since replaced it with the new HomeReady Loan Program.
Fannie Mae has replaced this with their HomeReady loan program and HomePath Ready Buyer™ Program in which Fannie Mae provides 3% closing cost assistance to buyers who successfully negotiate the the purchase of a HomePath property listed for sale. Buyers DO NOT have to use a Fannie Mae loan program to qualify for the HomePath Ready Buyer Program.
Alternatives to the HomePath Mortgage program.
- ALL NEW MyCommunity 3% down payment program
- ALL NEW Home Possible Advantage 3% down payment program
- CalPLUS w/ ZIP + MyHome Assistance program ($0 down needed)
- $0 down payment USDA home loan program
The HomePath Mortgage Loan – What makes it Different?
- No Appraisal Needed
- No Mortgage Insurance Required
- Low Down Payments (minimum 3% – may be gifted)
- Seller contributions Allowed up to 6%
- Minimum Credit Score of 660 required (higher scores = lower costs)
- Renovations Allowed w/ HomePath Renovation Loan Program
- Available only on special Fannie Mae Bank Owned Homes & Condo’s
- Available for Primary, Vacation Homes, & Investment Purchases
- Give Preference to Owner Occupied Buyers Fannie Mae First Look Program
With HomePath financing, a larger down payment will result in a lower interest rate and/or lower costs. Fannie Mae HomePath loans tend to close faster than traditional loan because an appraisal does not have to be completed…this saves about 7 days in the approval process. 2nd/vacation and investment homes require a minimum of 10% down payment. Non-occupant co-borrowers not allowed….max two borrowers.
The Fannie Mae HomePath mortgage loan is only available on Fannie Mae foreclosed bank owned REO homes. Click on this link to search for eligible Fannie Mae bank owned homes in California. If you prefer the assistance of a local Realtor in your area to search for Fannie Mae Bank owned homes, I can refer one to you.
Have more questions about the estimated rate, payment, closing & settlement costs needed to close? Call me direct (951) 215-6119 or contact me.
P.S. Comparing side by side a Fannie Mae HomePath loan to a low down payment FHA mortgage when buying a home in Temecula, Murrieta, Menifee, Corona, or Riverside, you may be surprised at what you find. Call me to make sure the comparison is accurate.
P.S.S. Don’t have 3% down payment? Then you may want the 100% USDA No Down Payment Home Loan
+Brad Yzermans