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Fannie Mae Homepath, 3% down, No Appraisal 10% investors to 660 FICO Score

November 8th, 2009 11:57 AM by Anne James

Real Estate Agents and Friends:

Fannie Mae HomePath is available to not just home buyers, but also investors and those looking to purchase a second home.  Again, good for FNMA.  They are doing what they can to stimulate the housing market by offering a program to all potential buyers with a program that requires little down, low monthly payments, and the elimination of potential deal killers (closing costs and appraisals).  What FNMA is doing right is that the borrower HAS to QUALIFY!!!  They are very strict on the guidelines when it comes to the individual borrower.Here's the scoop:

Homepath financing features are incredible.

  • No appraisal required no matter what the offer price is.  If the offer is accepted, the value will be the offer price.  Fannie Mae already knows the conditions of these properties are willing to lend on these homes.
  • Owner occupied OR investment purchase.
  • 3% down payment for owner occupied SFR up to $417k loan amount.
  • Owner occupied down payment can come from gift or Santa Rosa ADDI assistance program (if buyer qualifies).
  • 10% minimum down payment for investors
  • PUD, and Fannie approved condos ok (if it is on the list, it is approved)
  • Interest only available
  • 660 minimum FICO
  • Up to 6% seller concession allowed

Go to to search current listings for our area. 

Sign up for listings by emailing me at and put 'email HomePath Listings' in subject line.


Purchase Agreement must include a purchase addendum with page 1, paragraph 3 indicating that the agreement is contingent on Fannie Mae Special REO Financing from a participating lender. If this is not indicated and the borrower wants to use HomePath financing, the borrower must work with their real estate agent to ensure the contract addendum is updated appropriately.

Homepath rates are higher than market.  Comparing today's rates:

Posted in:General
Posted by Anne James on November 8th, 2009 11:57 AM


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