HomePath Mortgage
The HomePath program is a mortgage by Fannie Mae which allows borrowers to purchase one of its properties with flexible mortgage terms, low down payment, no appraisal at the request of the lender and no mortgage insurance. Primary residences, second homes and investment properties are eligible for the HomePath mortgage.
It is also allowed to be used on Condo-tels, as long as the property is listed on HomePath. It is a great mortgage program by Fannie Mae with a variety of incentives for home buyers on Maui, Oahu, Kauai and Big Island Hawaii. Guidelines are subject to change without notice. HomePath is a registered trademark of Fannie Mae.
HomePath mortgage benefits to borrower:
- No appraisal required
- No mortgage insurance required
- All occupancy types are eligible
- Eligible for high balance loan amounts
- No condo review required on all occupancies
- No Condo-tel exclusion as long as the property is listed on HomePath
- 6% sales contributions for LTV's from 90.01%- 95% (primary residences)
- Lower investment price adjustments than conventional products
- No declining market policy
- Maximum 95% LTV and maximum 95% CLTV
- 1-4 unit properties are eligible with options available for borrowers who have more than 10 financed properties
