The Homepath program offered by HUD, is now renamed the Ready Buyer Homepath program.
Benefits of the Fannie Mae Ready Buyer™ HomePath Program:
- 640 credit score required
- Get 3% back for closing costs
- Low 5% down payment
- Mortgage insurance not required
- No Home appraisal needed
- C0-op and HUD Approved Condos waived in certain cases
- Fixed rate and adjustable mortgage terms available
- Investors can use the loan on up to 20 properties
HomePath down payments can be gifted or, made via a grant or loan from a non-profit organization, state or local government, or employer.
Who Qualifies for the Ready Buyer™ HomePath Program
HomePath eligibility requirements:
- First-time home buyer (Not owned a home in last 3 years)
- Must be primary residence within 60 days of closing
- Must be a property listed on the Home Path website
- HomePath Ready Buyer training course online program must be completed by the buyer.
For buyers looking for a great deal on a home, buying a foreclosed home is a attractive very option. You can jump onto the HUD home website and search for all the homes available in your location. You will need a real estate agent or broker in order to submit an offer on an HUD home.
Buyers who wish to purchase a foreclosed home now have more loan options than traditional financing and Government loans. The Fannie Mae HomePath mortgage program is a loan available for HUD properties.
ReadyBuyer HomePath mortgages have no PMI
One of the great benefit is of the Home Path program is that (PMI) Private mortgage insurance is not required. They have low down payment requirements as well. For owner occupied buyers the down payment amount is just 3%, investors will have a 10% down payment requirement.
Get 3% Cash Back for Closing Costs
Fannie Mae provides the assistance for the Ready Buyer program. The HomePath training course will need to be completed before the 3% assistance can be given. There are certain things that the 3% in assistance can be used for:
- Closing costs
- Prepaid Expenses
- Home buyer education course fee reimbursement
Fannie Mae First Look Guidelines
The Fannie Mae First Look Initiative was created to help home buyers who intend to occupy the home as their primary residence. For the first 20 days a new HUD foreclosed property becomes available on the HomePath website, only owner occupied buyers are allowed to bid on a property. The First Look program allows buyers to purchase homes without competing against real estate investors.