Information On HomePath Financing For Waltham MA Properties

Fannie Mae owned real estate may include a notation regarding HomePath financing. This financing is only applicable to Fannie Mae homes and come with some great features. The information on HomePath financing for Waltham MA properties below may provide you with a preliminary understanding of this financing and its offerings.

HomePath Financing Specifics

HomePath mortgages are provided by select local mortgage companies, banks, and credit unions. There are two types of programs. HomePath Mortgage is the first program and can be used for properties in reasonable condition. For listings requiring a lot of work, buyers can roll in repair costs with the HomePath Renovation Mortgage.

Program Advantages

Both HomePath Mortgage and HomePath Renovation Mortgage can be used to purchase principal residences, vacation properties, or investment units. Down payments may be as low as five percent and the money may be gifted, a grant, and in some cases even a loan. MI is not mandated, but there might be fees for this feature. Sellers concessions towards closing fees are allowed. Mortgage terms may range and include fixed rates, variable rates, and interest-only.

Use of Appraisals

HomePath Mortgages do not require appraisals. For HomePath Renovation Mortgages, an appraisal is performed to determine the market value once completed. The repair expense lumped into the loan is based on this estimation. The amount can be no more than $35,000 or 35% of the estimated post-renovation value.

Where to Begin

Most local lenders are able to provide HomePath mortgages. Buyers should compare this option with other options solutions. When considering fixed rate, variable rate, and interest-only options, take the time to learn about the advantages and disadvantages of each. Some mortgage programs may work better for you than others depending on your personal circumstances and how long you plan to own the home. It is not required to use a HomePath mortgage to buy a Fannie Mae listing. It is basically an alternative for buyers to possibly make buying more affordable. As with any kind of home loans, closing costs and other terms may differ from company to company. The information on HomePath financing for Waltham MA properties above is just a summary of the program, does not include the full financing requirements, and is subject to change. Contact with a local mortgage consultant for up-to-date facts.