I have found that many Agents and Home Buyers are not aware of the homepath properties or finance options. So here is the deal, if you find a home on the homepath website that you like then you might want to move quickly with an offer as these properties move fast. What makes these properties special is that Fannie Mae only requires 3% down payment and offers special financing on these select properties.
The link to find these properties is www.homepath.com
What makes these properties a great buy is that they only require 3% down payment and there is no mortgage insurance required. Now the Homepath webpage says only 3% down but the Lenders will require 5% down in order to get the deal done. So with that said, to get a 5% down payment loan with no mortgage insurance is unheard of. This affords the buy with additional buying power as there in no monthly expense going to mortgage insurance. Without the monthly mortgage insurance expense there is more money for principle and interest thus a higher loan amount and still within the guidelines. Imagine that!
It is important to align yourself with an agent that is familiar with the Homepath process. Click the Realtors tab at the top of the page to find agents that are familiar with the homepath process. Also you will have to use a homepath approved mortgage company or bank to get your loan. There are several finance options when looking for a Homepath mortgage but I have found Emerald Coast Investments to offer some of the best rates. Happy house hunting…
Link to Emerald Coast Investments – www.emeraldcoastinv.com