What is Fannie Mae-Homepath loan?
What exactly is Fannie Mae and how does it relate to homepath.com?
I went to a local bank to ask for mortgage loan for a condo in a mostly rental subdivision, but instead the mortgage banker told me that it's hard to get loan for such condo. Then, he proceeded to talk about the Fannie Mae, and there are some condos (listed in homepath.com). These are Fannie Mae owned. They make exceptions on those and would actually provide loan. So, the banker pull out an application
He also talked about loan from the bank itself which has higher rate. I wonder why he isn't trying to get me to get loan from bank instead, but Fannie Mae. So, will applying directly actually be cheaper?
His title mortgage banker/Realtor. Can someone else please explain? Im totally confused
- 7 years agoFavorite Answer
As far as I know, the HomePath financing is available only on Fannie Mae-owned properties. This option offers great benefits such as low down payment, no mortgage insurance, expanded seller contributions, etc. to the homeowners taking out this type of loan. HomePath Mortgage is available for move-in ready properties for both owner occupants as well as investors.
- realtor.sailorLv 77 years ago
Fannie Mae offers financing for their homes through Homepath. Finance with as little as 3% down, no appraisal and no mortgage insurance. Not all banks are Homepath qualified. Go to www.homepath.com for a list of qualified lenders in your area.
realtor.sailorSource(s): I'm a Realtor
- przewozmanLv 44 years ago
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