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.
Senior Loan Analyst
(816) 728-1384NMLS # 245378, Mo No. 10-1649-MLO, Ks No. 0009720 360 Mortgage Inc., 28 Westwoods Drive, Liberty, Mo 64068 NMLS # 80777