Orlando Mortgage Blog

Fannie Mae’s HomePath® Mortgage Financing –

Available May 17

Effective Date Monday, May 17, 2010

Details

The HomePath Mortgage is available in all states – although standard limitations on property types will apply. Florida properties listed on the FNMA HomePath website are eligible for HomePath Mortgage financing through the program and we will have that financing available May 17, 2010.

Standard FNMA pricing and adjusters will apply, along with Fannie Mae’s Homepath Mortgage adjusters (Fannie Mae charges adjusters to all lenders). Look for HomePath Mortgage adjusters to be included in our rate sheet beginning on May 17.

Benefits

Up to 97% LTV financing is available for qualified eligible borrowers and property types on Primary Residences.

Up to 90% LTVs are available for Second Homes and Investment Properties.

Credit scores:

o 620 for up to 80% LTV

o 660 for 80.01 % to 97% LTV

Down payment sources may include: borrowers’ savings, a gift, a grant, a loan from a nonprofit organization (state or local government) or an employer. Flexible mortgage terms are available – including fixed-rate, ARMs or the interest-only

payment feature for qualifying loans

No appraisal fees because no appraisal is required – the sales price is used.

o Lender may not order, receive or review an appraisal

o Lender must not review any property-related inspections

No mortgage insurance (MI) is required regardless of LTV – although Fannie Mae-required

price adjusters will apply in lieu of MI for LTVs greater than 80%.

o Standard Escrow account requirements will apply

Availability HomePath Mortgage will be available for:

Purchase transactions – following the standard eligibility for the property types.

Fixed-rate and ARM transactions.

Loans with the interest-only payment feature while still available.

Owner-occupied, Second Homes or Investment Properties (loan-level price adjusters apply to Investment Properties).