Ever go into a vacant home for sale and see this sign that says "HomePath". Ever wonder what that meant?

Okay, not to sound dumb here, I did know it was some kind of special financing plan, but neither did I! Last evening, courtesy of PrimeLending here in Redding I found out all about it! Now, I'm going to let YOU in on it, and just in case you do know what its all about, don't tell me. I like to think that what I post here is actually useful and informative. Don't burst my bubble. A "HomePath" home is a home currently owned by FannieMae, received through foreclosure. These home are eligible for a special financing option. With a HomePath Mortgage the new owners are able to secure financing without an appraisal. They can put down as little as 3% for the down payment which may be obtained as a gift and they need a credit score over 660. There is no mortgage insurance, unlike FHA which ALWAYS has mortgage insurance. You also may be able to  borrow up to 35K for needed repairs to the home. This loan is only for "HomePath" approved houses and of course there are the fine print details which I haven't covered but there you go! So contact me for a complete list of HomePath homes available now. And Now for a pretty picture of the day...

Myla