Delaware Fannie Mae HomePath Program
John Thomas
June 3, 2012
Tags: Delaware Fannie Mae Homepath Loans, Delaware Home Loans, Fannie Mae Homepath program, mortgage loans, primary residential mortgage
Delaware Fannie Mae HomePath Program Guidelines
Fannie Mae has a great loan program that’s available to homebuyers around in Delaware. When foreclosures occur on Fannie Mae-owned properties, Fannie Mae hopes to sell those properties quickly so the community isn’t impacted too greatly. These properties are known as HomePath properties, and there are some great incentives in purchasing them throughout the state of Delaware. Highlights include:
- 97% conventional financing
- 3% down payment can be gifted/grant funds
- No appraisal (sale price = value)
- No PMI
- 6% seller concession allowable over 90%
- Investment property allows for higher LTVs
- 90% – 1 unit
- 80% – 2 unit
- 75% – 3-4 unit OR if financing properties 5-10
- Renovation program allows for the same flexibility as a standard purchase program
The bottom line is that HomePath properties offer flexibility and opportunities to save some money. So, it may be worth your time to take a look at them.
