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Home / Real Estate Information / Home Buyer Tips / Introduction To HomePath Home Loans For MA & NH Buyers

01.06.14 Home Buyer Tips, Mortgage Information

Introduction To HomePath Home Loans For MA & NH Buyers

If you are touring a Fannie-Mae owned listing, you may notice a note on HomePath mortgages. This program is strictly for Fannie Mae listings and come with many great features. The introduction to HomePath home loans for MA & NH buyers below details a few important facets of the program.

HomePath Program Availability

HomePath home loans are provided through approved local banks, mortgage companies, and credit unions. There are two specific programs. HomePath Mortgage is the first program and may be used for livable properties. The other is HomePath Renovation Mortgage for listings requiring repair; it permits buyers to roll in repair costs.

Benefits to Buyers

Both loans may be used to purchase principal residences, vacation homes, or investment units. Down payments can be a minimum of five percent and the funds can be a gift, a grant, or even loaned under certain conditions. Mortgage insurance is not mandated, although there may be fees for this option. Sellers may make contributions to closing expenses. Financing terms can range and include fixed rates, variable rates, and interest-only.

Appraisal Requirement

Appraisals are not mandated for HomePath Mortgages. For HomePath Renovation Mortgages, an appraisal is requested to estimate the post-renovation value of the property. The renovation expense rolled into the mortgage is based on this prediction. The repair expense can be no greater than $35,000 or 35% of the appraised value.

Other Things to Consider

Most local lenders are authorized to provide HomePath mortgages. Be sure to compare this financing with other alternatives solutions. When considering fixed rate, variable rate, and interest-only programs, review the advantages and disadvantages of each. Certain home loan options may be a better fit than others based on your personal finances and how long you expect to keep the property. Using HomePath financing is not required to buy a Fannie Mae home. It is simply an alternative that may make purchasing more affordable. As with any type of loans, closing costs and other things can range with each company. The introduction to HomePath home loans for MA buyers in this article is only an overview of the program, may not detail all of the specific requirements, and is subject to change. For more information, contact Christopher Graves at Emery Federal Credit Union by phone: 978-376-5389 or email: christopher.d.graves@gmail.com.

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Tags: buyers, financing, HomePath, MA, mortages

Chris Graves's avatar

Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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Direct/Mobile: 978-376-5389
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Topics

  • Local Information (61)
  • Misc Topics (14)
  • Mortgage Information (118)
  • News (22)
  • Real Estate Information (176)
    • Featured Properties (2)
    • Home Buyer Tips (134)
    • Home Maintenance & Repair (12)
    • Home Seller Tips (40)
    • Market Trends (24)

Disclosure

Company NMLS 1788.
Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
Licensed in Maine.
Licensed in Florida.
Lender and Broker License #MC-1788 (Not Licensed in Alaska or New York)
http://www.nmlsconsumeraccess.org
Click Here for Our Privacy Policy

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