Fannie Mae and other mortgage companies are launching a program called HomePath. This program offers subprime-era terms for buyers: minimal down payments, no mortgage insurance and lower minimum credit scores. This is a perfect program for a first time home buyer or a small-scale investor.
The HomePath offers the following:
*Minimal down payments- 3% for buyers who plan to live in the house. 10% for investors. Also your down payment can come from documented gifts from relatives or others with no direct connection to the transaction.
*No requirement for an appraisal on the property unless you're applying for more money to renovate the house.
*No requirement for mortgage insurance coverage.
*A minimum credit score of 660.
*Maximum loan amounts(standard conventional loan limits: $729,750 in the highest cost markets, $625,500 and $417,000 in others.
This program seem pretty good. But for more information about this program please visit http://www.Homepath.com or contact your local lender.
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