How do I find a HomePath Lender in Gainesville? What is HomePath Mortgage Financing?
HomePath mortgage financing is offered exclusively on foreclosed properties owned by Fannie Mae. Landmark is your experienced HomePath Lender in Gainesville. The HomePath mortgage program was developed to increase interest in Fannie Mae homes so they could be sold more quickly. HomePath Financing is available only on homes with a HomePath logo displayed – usually in the front window. You can also find a list of Fannie Mae properties in Gainesville and across the country at www.homepath.com. There, you can create an account with personalized searches and be notified when a new Fannie Mae property is coming onto the Gainesville market. You can work with any realtor to purchase a HomePath home, and Landmark Mortgage Planners is a HomePath lender in Gainesville.
Although these properties can be purchased by either owner occupied and investor buyers, Fannie Mae gives an advantage to those intending to occupy the property as their primary residence for at least one year. Only owner occupants can bid on the home during the first 15 days that it is listed. This time period is called ‘First Look’. Each home has a countdown clock on the property detail page on HomePath.com showing the days left in the First Look. If you are planning to purchase in the name of a trust, as a vacation home or part-time residence, or purchasing for a friend or relative, these are all considered investment purchases and cannot be done during the First Look. Investor offers can be submitted AFTER the First Look clock expires, and will be considered along with any other offers.
HomePath Financing Options
It is okay to use any type of financing or pay cash on a HomePath home – there is no requirement to use a HomePath Mortgage. It is always a good idea to get a pre-approval or talk to a mortgage planner to determine the best mortgage program for you. Because Landmark is a HomePath Lender, we are in the best position to advise you regarding HomePath vs other mortgage programs. HomePath Mortgages are also very flexible, buyer-friendly mortgages. There are 2 types of HomePath Financing: The HomePath Mortgage and the Home Path Renovation Mortgage.
The HomePath Mortgage is only available on homes where this logo is displayed (usually in the window). The program has the following features:
- It is available to both owner occupants and investors (after 15 days).
- The Minimum 3% Down Payment can be obtained from your savings, a gift, a grant or a loan from a nonprofit or even your employer.
- There is no appraisal required on The HomePath Mortgage.
- There is no mortgage insurance.
- Very flexible mortgage terms – you can get a fixed rate, adjustable rate or interest only loan.
- You may qualify even if your credit is not perfect
HomePath Renovation Mortgage
The HomePath Renovation Mortgage is a great option for Fannie Mae owned homes that need immediate repairs or renovations. It is only is available on homes where the HomePath Renovation logo is displayed. The following features apply:
- You can get a loan to cover both the purchase price and light renovations up to 35% of the total purchase price or a maximum of $35,000.
- HomePath Renovation Mortgages are available to both owner occupants and investors (after 15 days).
- Low Down Payment of only 3% of the purchase price plus renovation, can be from your savings, a gift, a grant or a loan from a nonprofit or your employer.
- There is no mortgage insurance.
- You can get a fixed rate, adjustable rate or interest only payment.