Many first time home buyers have a difficult time getting that perfect house. Whether it's an issue coming up with a down payment, or figuring out how to pay for the home improvements to turn the house into a dream home, it's tough buying your first home. I want to introduce you to one option for that first mortgage that can help solve several of those problems: HomePath.
Maybe you've heard this term in passing or maybe it's a brand new idea to you. Either way, let's break it down so you can decide whether it's something to consider for your first mortgage.
What is HomePath?

HomaPath helps buyers find a house at a typically lower price by financing a Fannie Mae-owned property. Basically: these homes are bank owned and often priced lower than market price. HomePath finances only Fannie Mae-owned homes, but looking at the HomePath website you can see you could have a lot of choices.
Why does Fannie Mae have properties for sale?
While Fannie Mae works with its partners to help homeowners avoid foreclosure, sometimes foreclosures are unavoidable. When they do occur on mortgages in which Fannie Mae is the investor, its goal is to sell those properties in a timely manner in order to minimize the impact on the neighborhood.
What are the benefits of HomePath?

  1. Low down payment of 3% - This is compared to 3.5% for FHA and 5%-20% for conventional mortgage loans.
  2. Down payment can be funded by several options - You can use your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
  3. Flexible mortgage terms
  4. No appraisal required - This saves money and time.
  5. No mortgage insurance - A monthly savings. And who doesn't want a lower monthly mortgage payment? (Ask a mortgage consultant for cost details on loans without mortgage insurance.)

First time home buyers have several options when it comes to financing. HomePath is one option that just may help you save money and help you get a great buy for a terrific price. You can learn more about HomePath with the free guide "Navigating HomePath with AmeriFirst Home Mortgage" at the button below. The free guide also covers information about HomePath Renovation for that fixer-upper you may find.

(car #5: Flickr user Mike Renlund)


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