Homepath Financing and Homes in Utah
It seems not many buyers in today’s Utah real estate market are familiar with Homepath financing and the homes offering Homepath programs. Those of you who are trying to buy a house with less down payment (investor or occupying buyer) need to check out Homepath before looking any further.
What is Homepath?
Most people have heard of the mortgage giant Fannie Mae. What most people don’t know is that they too end up foreclosing on homes and owning them. They are not in the business of owning homes so they have created the Homepath program to help them get their foreclosed homes sold.
This is a fantastic program that will allow you to get a better than average mortgage deal:
- If you will occupy the home, you only need a 3% down payment
- 15 and 30-year fixed rate and 5/1, 7/1 LIBOR ARM
- Eligible properties must be owned by Fannie Mae, sold by Fannie Mae and designated by Fannie Mae as eligible for a HomePath Mortgage (See below for Homepath Homes in Utah)
- There is NO mortgage insurance!
- No condo or PUD warranty required
- Investors can buy this with only 15% down
- Second home with only 10% down
- No appraisal fee!
- You pick your own title company
- They have the standard Homepath loan and the Renovation loan. If the home needs repairs, Fannie Mae will loan you the money to make these repairs.
- Up to 6% seller contributions on Primary Residence and Second home
- Minimum FICO 620
- Gift funds can be used for entire down payment in some circumstances
We are constantly showing our clients the benefits of the Homepath program and would love the opportunity to introduce you as well. Contact us today to learn more.
Other Special Financing and Downpayment Assistance
We are constantly learning about new programs offering downpayment assistance or special financing. In fact, we have set a goal to discover and publish information about all the current programs being offered in Utah and will strive to keep out Mortgage Center up to date with new programs as the come out. With today’s economic climate we expect to continue to see new programs rolled out offering a variety of assistant programs to help boost Utah’s real estate market.