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HomePath Mortgage

 

 

If you are interested in buying real estate as either a home or investment;  have you heard about the HomePath Mortgage Program?

What are the benefits of HomePath Mortgage; how is it different from other mortgages programs like FHA, VA, USDA?

  • No appraisal required
  •  No Mortgage Insurance (upfront or monthly)
  • Seller paid closing cost up to 6% of the sales price
  • Low down payment
    • Owner Occupied & Second Homes – 97% Loan to Value
    • Investors – 90% Loan to Value

The largest benefit of the HomePath is No monthly mortgage insurance or Up Front Funding fees.

Up front funding fees for USDA and VA is 2% of the loan amount (example on a $100,000 loan amount the up front funding fee would be $2,000).

Monthly mortgage insurance on a FHA loan is 1.1%/12 (example on the same $100,000 loan amount the monthly mortgage insurance on an FHA would be $91.67.  That would come out to “typically” paying $5,500 in 5 years.

Check out the properties at www.homepath.com .  As of today there are 1,500 in Missouri and 397 in Kansas listed on the web site.

Properties offered through HomePath include single family homes, townhouses and condominiums.  The properties are owned by Fannie Mae and are sold “As Is” and buyers should obtain a home inspection from a licensed inspector.  If you need a good one give me a call I know several. J

Does the HomePath interest you?

If you have any questions or are looking to buy contact me (816) 728-1384.

Blessings,

Cindy Seely

Senior Loan Analyst

(816) 728-1384

NMLS # 245378, Mo No. 10-1649-MLO, Ks No. 0009720
360 Mortgage Inc., 28 Westwoods Drive, Liberty, Mo 64068
NMLS # 80777

 

 

 

New Mortgage Blog

Now that my mortgage site is up and running (kind of) I am going to start blogging with mortgage updates and my thoughts on the mortgage industry!

Yesterday “Origination News” came out with a news updated; The “head count” for “licensed loan originators” 

According to a new head count, banks and their mortgage affiliates employ 350,000 registered LOs. Nonbanks—also known as “state-licensed companies”—have registered 109,000. 

For those of you not in the wonderful mortgage industry I will explain.  The S.A.F.E. Act requires that mortgage brokers who are “Non-Bank” employees must be registered and licensed (Nationally in addition to any state we want to originate loans in).

We had to go through some pretty tough testing;  the pass rate is typically 40% or less. State and Federal Government also run background and credit checks on us and then we have to be approved and “licensed”.

Bank loan officers do not have to take any national or state tests, their employer (the bank) runs a background check and registers them on the national site.

I am so happy to say that I have passed the National Test, Missouri and Kansas test!  So I am 1 in 109,000.

When you talk with loan officers ask them for their NMLS # and then check them out on NMLS  here is my license number 245378.

I will be putting more blogs up very soon So be sure and “Stay Tuned”

Thanks,

Cindy Seely

Senior Loan Analyst

(816) 728-1384

NMLS # 245378, Mo No. 10-1649-MLO, Ks No. 0009720
360 Mortgage Inc., 28 Westwoods Drive, Liberty, Mo 64068
NMLS # 80777

P.S. Hey if you know of someone who is wanting to take advantage of the historically low rates with a refinance or purchase have them contact me…