HomePath Mortgage Financing

HomePath Financing is offered on foreclosed homes owned by Fannie Mae, and Landmark is your experienced HomePath Lender in Ocala. The HomePath mortgage program was created to increase interest in Fannie Mae properties so that they could be sold quickly. HomePath Financing is only available on homes with a HomePath logo displayed. You can find a list of Fannie Mae properties across the country at www.homepath.com, where you can create personalized searches and know when a new property is coming on the market. You can use any realtor to purchase a HomePath home and Landmark Mortgage Planners is a HomePath lender.

Although these homes are available to both owner occupied and investor buyers, only those intending to occupy the property as their primary residence and live there for at least one year are able to bid on the house during the first 15 days. This time period is called ‘First Look’. There is a countdown clock on the property information page of HomePath.com displaying days remaining in the First Look. Buyers purchasing in the name of a trust, purchasing the home as a vacation or part-time residence, or purchasing for a relative, are all considered investors and are not eligible to bid during First Look. Investor offers submitted AFTER the First Look clock expires will be considered along with all other offers.

HomePath Financing

You can use any type of financing on a HomePath home – you are not required to use a HomePath Mortgage.  It is a good idea to apply for a pre-approval or talk to a mortgage planner to determine the best mortgage program for you. Because Landmark is a HomePath Lender, we are in a better position to advise you than lenders who are not. HomePath Mortgages are very flexible, buyer-friendly mortgages. There are 2 types of HomePath Financing: The HomePath Mortgage and the Home Path Renovation Mortgage.

The HomePath Mortgage is only available on homes where this logo is displayed. They have the following features:

1. Available to both investors (after 15 days) and owner occupants.
2. Low Down Payment (a minimum of 3% of the purchase price) can be from your own savings, a gift, a grant or a loan from a nonprofit  or your employer.
3. No appraisal required on The HomePath Mortgage.
4. No mortgage insurance.
5. Flexible mortgage terms – fixed rate, adjustable rate and interest only.
6. You may qualify even if your credit is less than perfect

 

HomePath Renovation Mortgage

The HomePath Renovation Mortgage is a great option for Fannie Mae owned homes that need repairs or renovations. It is only is available on homes where this logo is displayed, and has the following features:

1. Financing is available to fund both your purchase and light renovations up to 35% of the total acquisition price or a maximum of $35,000.
2. HomePath Renovation Mortgages are available to both investors (after 15 days) and owner occupants.
3. Low Down Payment (a minimum of 3% of the purchase price plus renovation) can be from your own savings, a gift, a grant or a loan from a nonprofit  or your employer.
4. No mortgage insurance.
5. Flexible mortgage terms – fixed rate, adjustable rate and interest only.

For more information, schedule an appointment with one of our mortgage planner or click here for the HomePath Home Buyer’s Guide. Landmark is your HomePath Lender in Ocala.