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. Keep Reading...