HomePath Mortgageallows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed.
Benefits to You, the Borrower
Low down payment and flexible mortgage terms (fixed–rate, adjustable rate, or interest–only).
Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
No lender-requested appraisal.
No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
Expanded seller contributions for closing costs allowed.
Available for primary residences, second homes and investment properties.
Many condo project requirements are waived; ask your lender for details.
