Homepath & Homepath Renovation Loans
What is a Florida Homepath Mortgage?
Homepath refers to the government’s program to sell homes that were foreclosed upon and are now owned by Fannie Mae. To encourage sale of these properties, Fannie Mae has created the Florida Homepath Mortgage Loan Program and the Florida Homepath Renovation Mortgage Loan Program. Both programs allow potential buyers to secure home loans with low down-payments, flexible loan terms, no mortgage insurance and no appraisal. Foundation Mortgage offers some of the lowest Florida Homepath Mortgage Rates. Contact one of our licensed Florida Mortgage Brokers for more information on the program and a FREE customized rate quote.
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A HomePath Mortgage allows the borrower to purchase Fannie Mae owned property through a mortgage with a low down payment, flexible mortgage terms, and no appraisal or mortgage insurance.
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A HomePath Renovation Mortgage allows the borrower to purchase a Fannie Mae owned property that requires light to moderate renovations. The loan amount includes both the funds for the purchase of the Homepath property & the costs of the renovation- up to 35% of the value (As completed after the renovations, but no more than $35,000).
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Down payments as low as 3 to 5% and flexible mortgage terms (fixed–rate, adjustable rate, or interest–only).
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The Down payment can be funded by a gift, grant, or loan from a:
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Non-profit organization
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State or local government
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Employer
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No lender-requested appraisal.
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No mortgage insurance
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Expanded seller contributions for closing costs.
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Available for primary residences, second homes and investment properties.
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Many condo project approval requirements are waived
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For Homepath Renovation Mortgages- the loan amount is based off of the “as is” completed value of the property + renovation costs as determined by the appraiser.
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One of our Licensed Florida Mortgage Brokers can provide you with a list of Fannie Mae owned properties for sale in your area.
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We can also provide you with the names of some Homepath Approved Realtors if you have not yet begun working with a realtor.
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Click here to search for eligible Homepath Properties yourself in English
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Click here to search for eligible Homepath Properties yourself in Spanish
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It is important to use the above two links as a reference tool only. Contact either one of our Experienced Homepath Mortgage Brokers or your realtor to confirm the qualification of any of the properties listed on the link above for a Homepath or Homepath Renovation loan as the site is not 100% accurate.
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Contact one of our Florida Homepath Mortgage experts for a FREE customized quote and pre-approval today.
