Fannie Mae HomePath® Mortgage Overview

Kathie McGlaughlin

954-650-6498

NMLSR ID 508787

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Introduction

Fannie Mae has thousands of real estate owned (REO) properties for sale.

They have a need to find buyers for these properties, thus stimulating the economy and minimizing impacts on a neighborhood.

WFHM has teamed up with Fannie Mae to offer HomePath Mortgage, which is a program specifically available for select Fannie Mae REOs.

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Introduction

The HomePath Mortgage provides your buyers more options for financing Fannie Mae owned REOs.

Our Sales teams are experienced in providing REO financing.

Our Fulfillment sites have been specifically trained on this REO product and are ready to help process your buyer’s loans.

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Introduction Fannie Mae also provides renovation financing under the

HomePath Mortgage program.

At this time, WFHM will not be providing the Fannie Mae HomePath Renovation Mortgage product as our current renovation financing options provide greater benefits for our customers: More days allowed to complete the renovation

Higher renovation limits

Higher LTVs

Less restrictive credit score requirements

WFHM’s current renovation programs are great financing options for not only Fannie Mae REOs but other REOs properties.

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Program Overview

HomePath Mortgage Key Benefits: No appraisal

No Mortgage Insurance (MI) – pricing adjusters in lieu of MI will apply to LTVs > 80%

Low down payment

Flexible mortgage terms (fixed rate, adjustable rate, or Interest-Only)

Financing option for buyers with less than perfect credit

Available for primary residences, second homes and investment properties

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Program Overview

Eligible Properties: Only select Fannie Mae REOs are eligible Properties available for the HomePath Mortgage can be

viewed at www.homepath.com

Conventional Conforming Loan Terms Available: 10, 15, 20, and 30 year fixed 3/1, 5/1, 7/1, 10/1 LIBOR ARM Interest-Only payment feature for qualifying loans

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Program Overview

Down Payment Sources (Primary Residence): Down payment (at least 3%) can be funded by:

Borrower’s own savings

Gift

Grant

Loan from a nonprofit organization, state or local government, or employer

Down payment assistance programs (DAPs) are not allowed as a source of down payment for LTVs over 95% at this time

A 5% minimum borrower down payment is required for LTVs from 80.01 to 95%

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Program Overview

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Program Overview -- Eligible Property TypesProperty Type Primary Second/Vacation Investment

Single-family – detached or attached

X X X

2 units X N/A X

3 units X N/A X

4 units X N/A X

Low-rise condo X X X

High-rise condo X X X

PUD X X X

Cooperatives N/A N/A N/A

Condotels N/A N/A N/A

Manufactured Housing

X X N/A

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Program Overview -- LTV Requirements  HomePath Mortgage LTV Requirements

  LTV TLTV CLTV LTV TLTV CLTV

Primary Fully Amortizing Interest-Only

1 unit 97 97 97 80 95 95

Co-op na na na na na na

2 unit 80 80 80 na na na

3-4 unit 75 75 75 na na na

Manufactured Home 95 95 95 na na na

Second Home    

1 unit 90 90 90 80 90 90

Co-op na na na na na na

Manufactured Home 90 90 90 na na na

Investment Property    

1 unit 90 90 90 na na na

Co-op na na na na na na

2 unit 80 80 80 na na na

3-4 unit 75 75 75 na na na

Manufactured Home na na na na na na