HomePath mortgages are specialty programs offered only on Fannie Mae-owned homes. These properties are foreclosed homes, homes taken back as deed-in-lieu of foreclosure (where the borrower deeds the property back to the investor — Fannie Mae — in return for a release of liability from the mortgage loan) or forfeiture.
HomePath properties may be eligible for the standard HomePath mortgage program or the HomePath Purchase & Renvoate program which in addition to the benefits above, also includes the ability to borrow up to 35 percent more than the purchase price (not to exceed $35,000) in order to rehabilitate the property.
Purchase a foreclosure with no appraisal, no private mortgage insurance, and low down payment.HomePath Mortage
Features & Benefits
The HomePath financing programs have several benefits not normally available in a standard purchase transaction:
• Minimum 5 percent down payment on owner-occupied properties (10 percent on second homes and investment properties)
• No private mortgage insurance (PMI) is required.
• No lender-ordered appraisal is required
• Condo/co-op project approvals may be waived
• Flexible mortgage types — fixed-rate or adjustable-rate loans
• 1-unit up to 4-unit properties, planned unit developments (PUDs), and modular homes are eligible
Calculate monthly payment and amortization.
Programs available to qualified borrowers only. Some Restrictions may apply. Programs subject to change without notice. Contact eLucid for more information.
Ready to Apply?
Applying for a mortgage to purchase or refinance a home is simple with eLucid.Get Started Now!
Share this Mortgage Option