First Priority Financial is an approved Fannie Mae HomePath California direct mortgage lender and broker. We provide Fannie Mae HomePath mortgage financing in the cities of Temecula, Murrieta, Menifee, Lake Elsinore, Corona, Riverside and Moreno Valley and other Inland Empire cities. 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….just shoot me an email brad(at)homeloanartist(dot)com.
Have more questions about the estimated rate, payment, closing & settlement costs needed to close? Call me direct (951) 215-6119 or email brad(at)homeloanartist(dot)com.
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.