I was reminded earlier today of some of the great benefits HomePath financing offers in certain situations.
In San Diego County and many other parts of the country HomePath financing may be your only option to purchase a home specifically if it is a condo. We have many condominiums in San Diego that are not financeable because of low owner occupancy levels and defunct HOA’s.
HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed.
Benefits to You, the Borrower
– Low down payment with flexible terms like a fixed-rate, interest only, or adjustable rate.
– Down Payments with as little as 3%, if you can afford 5% you will have fewer fees than the 3% option.
– Down Payments can be funded by savings, a gift, a grant, employer, or even a loan from a nonprofit organization.
– HomePath does not require the buyer to pay for an appraisal.
– No mortgage insurance.
– The option to have the seller contribute towards your closing costs with a credit.
– One of my favorite reasons, this program is available for primary residences, second homes and investment properties.
– My favorite reason, many condo projects are approved for HomePath financing while other FHA and conforming loans are not.
You should give HomePath financing strong consideration especially if your looking at certain condos that may have limited financing options.
If your looking for HomePath listings in San Diego you can set up a search on Team Aguilar or HomePath’s website. If your considering a HomePath property we have sold hundreds of them. Please feel free to call or email us with any questions.