If you qualify FHA Loan, there is a good chance you will qualify for the special Homepath financing available on Fannie Mae owned properties.  We are able to handle Homepath Loans so feel free to call for any questions.

Now the Homepath Loan is only available on Fannie Mae owner properties.  These are properties where the borrowers had Fannie Mae owned loans and missed payments so they were foreclosed on and taken back by Fannie Mae.   There are a lot of them out there all around the state of California and nationally so you will see in the listing Homepath financing available on the property.  This means that this property qualifies for the special Homepath financing that we can handle for you.

Here are some highlights of Homepath financing:

• Minimum 3% down for owner occupants and 10% down for investors (although as an owner occupant you’ll want to put at least 5% down to get a better interest rate)
• No mortgage insurance
• No property appraisal required on Homepath properties
• No condo guidelines (Homepath does not care about the occupancy or any other issues with the condo that would prevent you from getting a FHA loan or standard conventional loan)
• Min credit score 660 (FHA is generally 620)

The interest rates on Homepath are slightly higher than a FHA loan.  But there is no mortgage insurance, so it may end up being pretty comparable to getting an FHA loan.  The credit score requirements and a little bit higher than FHA and the debt-to-income requirements are tighter than FHA.  You may be able to qualify for a higher purchase price with FHA.

So if you see a property that is advertising Homepath financing, make sure you call us.   Homepath properties are available in all prices ranges all over the state of California from San Francisco, San Jose, Los Angeles, Orange County, San Diego and everything in between.   There are Homepath properties that are expensive coastal homes, condo’s and inland starter homes.

And here are some general benefits of  FHA financing:

And here are some highlights to remember about FHA loans:

• To get a FHA loan credit score does not have to be perfect
• FHA loan interest  rates are at historic lows
• You can use gift funds for FHA loan down payment
• Maximum FHA loan is $729,750, so you can get a FHA loan in expensive parts of California like Los Angeles, San Jose, San Francisco and San Diego
• Debt-to-income ratios on FHA loans are allowed up to 55% where conventional loans require 41% with less than 20% down 

Give me a call (858-922-7899) or email (homeloan8@gmail.com) if you have any questions at all about getting approved for a FHA Loan.

Warmest Regards,

Rob Chomentowski

Sr. Loan Officer (and FHA specialist)

858-922-7899

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