The HomePath Mortgage From Fannie Mae

Ok, so if you are thinking of buying a house…

And the 8000 tax credit wasn’t enough to get you excited…

And historically low interest rates aren’t enough to entice you either…

Here is just one more thing that you can throw into the basket of reasons that now may be a great the perfect time to buy a home. It is a new mortgage program from Fannie Mae called the Fannie Mae HomePath mortgage.

The HomePath mortgage program is only available for homes that are currently owned by Fannie Mae and is designed mainly for people who plan on occupying the home as their primary residence (although investors are allowed as well, the down payment and qualification requirements are different). Just a few of the highlights of the HomePath mortgage program include:

• Low down payment (as low as 3 percent) and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
• You may qualify even if your credit is less than perfect
• Available to both owner occupiers and investors (higher down payment required)
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
• No mortgage insurance
• No appraisal required — the sales price is the value

And if the home is currently in need of repairs, the HomePath renovation mortgage is available where you can actually finance the cost of the repairs. No mortgage insurance? No appraisal required? These are things I haven’t seen in a mortgage program in a long time!

Still not enough to get you to move off the fence?

Wait, there is more! I heard that Fannie Mae may also be giving away free housekeeping for as long as you own the home in the near future.

Ok, ok — not really… I was just trying to come up with something that might get the fence-sitters to move.

Arizona Mortgage Rates for April 3 2009

Tagged as: Fannie Mae HomePath, Home Path Mortgage, HomePath Mortgage

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