Home Path Loan Program

HomePath financing, available only on Fannie Mae-owned properties, offers great benefits — a 5% down payment (as of November 16, 2013), no mortgage insurance, expanded seller contributions, and more. HomePath Mortgage is available for move-in ready properties for both owner occupants and investors — a limited number of HomePath lenders also now offer HomePath Mortgage for the LLC borrower. The HomePath Renovation Mortgage provides both the funds to purchase and to renovate in one loan.

1. As little as 3% down for Owner-occupied.

2. As little as 10% down for investors and secondary/vacation homes.

3. Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.

4. No Private Mortgage Insurance (PMI) on any loan.

5. No Condo Approvals, required.  No daily rentals allowed.

6. No Appraisal Fees for a HomePath Mortgage.

7. You may even qualify if you have less than perfect credit.  Minimum credit score required is 620 with a 20% down payment or more, and 660 for a down payment of less than 20%.

8. Allows for seller concessions, which means you can negotiate with Fannie Mae to have them pay up to 6% of your closing costs. Discuss with your realtor when submitting your offer.

  • Buyers of Fannie Mae HomePath eligible properties
  • If you wish to put 5%-20% down, you must have a 660 or greater credit score. If you wish to put more than 20% down, standard guidelines may allow a lower credit score.

Primary Residence Purchase

  • 1 Unit 97% LTV with 660 minimum credit score and 80% with 620 minimum credit score
  • 2 Units 85% 660 with  minimum credit score and 80% with 620 minimum credit score
  • 3-4 Units 75% LTV with 620 minimum credit score

Second Home Purchase

  • 1 Unit 90% LTV with 700 minimum credit score 80% LTV with 620 minimum credit score

Investment Property Purchase

  • 1 Unit 85% LTV with 700 minimum credit score
  • 80% LTV with 620 minimum credit score
  • 2-4 Units 75% LTV 620 minimum credit score
  • Buyers planning to use their property as primary residence, Second Home or Investment.

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