HomePath Loans In Medina Ohio

Explore an option with reduced rates and extra perks.

Purchasing a new home can be financially difficult but prequalifying for a HomePath Loan could be your best option if closing costs and high interest rates have been holding you back.

What are HomePath Loans?

HomePath loans are branded loan programs created by Fannie Mae. These types of loans usually have reduced rates and incentives for purchasing foreclosed property. HomePath loans have low down payments, no appraisal needs, and no private mortgage insurance requirements. This program provides financing for Fannie Mae owned homes that are for home use or ‘flip’ based homes for profit.

What are the benefits of a HomePath Loan?

Several benefits apply for homebuyers eligible for HomePath loans. If your a first-time buyer, investor, or looking to purchase vacation property this loan option is ideal. Lenders only require 3 to 5 percent down for homes that act as your primary residence. Down payments can vary depending on the purpose of your property.
HomePath loans cover single famil homes, condominiums and town houses. Another popular benefit is that if you have less than perfect credit you still may qualify (less than 660). Lastly, HomePath offers mortgages for renovating homes as well.

How can I become eligible for a HomePath mortgage?

  • On average your FICO score should be 620 to qualify. If your credit score is lower, other factors are taken into consideration like down payment amount and your individual circumstances.
  • Fannie Mae waives insurance and allows homebuyers to make a minimum down payment of 3% of the homes total value. Down payments can be made by cash gift or even a loan or grant by a nonprofit.
  • If your self employed, you must have bank statments verifying your income. Balance sheets may also be required.
  • How is buying a home owned by Fannie Mae different from other home purchases?

    Usually, when you buy a home, the seller lives in the home. Fannie Mae properties are vacant through foreclosure or forfeiture. With that being said, it’s important to know the condition of the home before getting too far into the process. Repairs can be extremely light or extensive.