HomePath Conforming Product

Some hi-lights of this program are:

• Eligible properties must be owned by Fannie Mae (as a result of foreclosure or other similar action such as deed-in-lieu of foreclosure), sold by Fannie Mae to the borrower(s), and designated by Fannie Mae as eligible for a HomePath Mortgage.

• Lender must document the file with the appropriate pages printed from http://www.homepath.com showing that the property was eligible for HomePath Financing.

• DU approve/eligible or EAI/Eligible required

• NO MI is required, regardless of LTV or DU findings requiring MI

• Conforming Fixed (15 & 30 yr terms), 5/1 Libor 7/1 Libor

• Temporary Buy-downs available

• 5/1 ARM: qualify at greater of note rate or fully Indexed Rate

• Debt ratio determined by DU

• Eligible Occupancy; 1-4 family owner occupied, 1 unit 2nd home. 1-4 unit non owner

• LTV/CLTV as follows:

• Primary residence Purchase; 95% LTV no secondary financing

• 1-2 unit – 660 Fico 90% LTV with secondary financing; max CLTV 95%

• Primary residence Purchase; 80% LTV no secondary financing

• 1-2 unit – 620 fico 75% LTV with secondary financing; max CLTV 80%

Contact us for 2nd homes & and Investment properties

• PUD/Condo must be Fannie Mae Warrant-able

• Ineligible property types: co-op, condotel, manufactured housing

• Non Occupant co-borrowers allowed

• EAI min fico 620

• No mortgage or rental lates allowed last 12 months

• No Short pay off last 7 yrs

• Participation in restructure of mortgage due to delinquency requires 48 months re-established credit

• Age of BK determined by DU

• 5% down must be from borrower’s own funds for HomePath financing (exception is owner occ or 2nd home with 80% or less LTV

• Reserves: second home requires 2 months, investment property requires 6 months (additional may be required when borrower owns multiple properties)

• HomePath financing does not require an Appraisal in any state except for TX which requires full appraisal

If you have any questions about the HomePath mortgage program or you would like to get pre-approved for a new mortgage, please feel free to fill out the form below or call us at (877)228-9069

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