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Texas HomePath Mortgage - Frequently
Asked Questions Back to the Texas HomePath Mortgage Home Page What is a HomePath mortgage and why would I want one? (Back to the top) This is a mortgage designed specially for the purchase of FannieMae foreclosures. There are a number of features and benefits that make the program attractive for this purpose. Can I get a HomePath mortgage directly from FannieMae? (Back to the top) No, FannieMae does not lend to borrowers directly. You would need to contact a lender that participates in the program, like us for example! How do I find the eligible properties? (Back to the top) We suggest having a Realtor help you with this. You can also look on the website www.homepath.com. How is the price set for the property? (Back to the top) You may offer the price you want to pay. Your Realtor will help you prepare the offer. Then the seller will accept, decline, or make a counter offer. What kind of credit do I need? (Back to the top) For a small down payment you need very good credit and a credit score of 660 or greater. If you can put 20% down or more there is a lower credit standard and a score of 620 or better. (Other conditions apply and guidelines change so please consult with a loan officer.) Can investors use this mortgage program? (Back to the top) Yes, but first time buyers can’t use this program for an investment purchase. What is the minimum down payment? (Back to the top) With very good credit the minimum down payment is 3% of the sale price if this will be your primary residence, or 20% if it will be an investment. (Programs can change so check with a loan officer for up to date details. Will I have to pay closing costs in addition to the down payment? (Back to the top) It may be possible to have the seller or other interested parties pay your closing costs. What is the first step if I want to look at getting one of these foreclosed homes? (Back to the top) Call, or submit our website prequalification form. There is no cost or obligation. The LO will tell you what size loan you qualify for and can answer your questions. We can also give you a referral for a Realtor in your area that is experienced with the HomePath program Why should I use your company for my mortgage? (Back to the top) We have very low rates and superior service. We participate in the HomePath mortgage and or staff is knowledgeable about these loans. Prequalification is free and without obligation. What if I have more questions? (Back to the top) Please call one of our loan officer’s toll free at 888-433-0500 for more information. |
