Homepath is a loan that is available to buyers on Fannie Mae owned property. Fannie Mae is listed as the seller and is offering a Homepath loan to buyers that are primary homeowners with as little as 3% down, Second or vacation homes with as little as 10% down and investment properties with 15% down. A great feature of Homepath loans is the elimination of Monthly mortgage insurance. The interest rates tend to be higher for Homepath loans than traditional loans. A traditional Fannie Mae conventional loan with less than 20% down is usually covered with private mortgage insurance companies, and with Homepath the risk is covered by Fannie Mae in the interest rate. This generally causes a reduction in the overall payment.
When buying a Homepath property you