FNMA Homepath
15% Down Investor Program

Many FNMA owned properties are eligible for a 15% down investor program called HomePath that Fannie Mae has devised in order to reduce the rising number of foreclosed homes it owns. Most loans taken out on investment property by someone who does not occupy the home require at least 20% down. Select FNMA homes, however, require a highly reduced rate of only 15% down.

There are many other advantages to taking out a loan on FNMA owned property through HomePath. You can take out a purchase loan on an FNMA home with a minimum of 3% down if you are planning on using it as a primary residence. You do not need mortgage insurance or an appraisal on any property. You can own and finance up to four investor homes through HomePath with this program, but any more than four require 25% down.

If the home in question is intended as a primary residence, sellers can contribute to the buyers closing cost up to 6%. If the purchase is meant to be an investment property, however, the seller is only allowed to cover 2% of the buyers closing costs.

The HomePath program offers a 30-year fixed rate loan. When you take out a loan on an FNMA home, though, expect to pay a higher rate than you would with a traditional 30-year fixed loan. While this may seem undesirable, remember that the loan can be reduced by anywhere from 1% to 3.75% discount points, which is within the seller’s closing cost coverage range.

Not all FNMA owned properties qualify for the HomePath program, but www.homepath.com offers an updated, easy-to-read list of available homes and their qualification status.

Should you decide to purchase a FNMA home with HomePath financing, US Preferred Realty agents are ready and willing to help you navigate the entire investment property purchase with ease. We are a group of friendly local real estate agents with a wealth of knowledge about the FNMA home investor program and other investment opportunities. Our goal is to guide you every step of the way so that the experience of buying and funding an investor home is as smooth as possible.

With 15% down, no appraisal, and no mortgage insurance required, purchasing a property through the HomePath program is a unique offering that may prove to be very profitable. US Preferred Realty can help you navigate the HomePath process to find the ideal investment property for your needs.

Click here to register with US Preferred Realty today, and get started purchasing and funding an investment property with confidence.