Many potential home buyers get discouraged by thinking that the only viable financing option available to them is conventional and requires a 20% down payment. Luckily, this isn’t the case! There are several other options that require a lower down payment and have tons of additional advantages. One of these options is called a HomePath Mortgage.
HomePath Mortgage allows a buyer to purchase a Fannie Mae-owned property with a low down payment, sometimes as low as 3%. It also doesn’t require a home inspection or an appraisal, which can be a huge benefit for buyers looking for foreclosures. HomePath even offers renovation loans for buyers purchasing properties that need minor or substantial repairs.
What is the minimum credit score for a buyer applying for a HomePath mortgage? It depends, but most lenders require a minimum credit score of 660 if the buyer is putting 3% down.
So is HomePath financing right for you? It may be just the alternative you’ve been looking for! If you’re interested in learning more, contact my office at 702.331.8185.