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Fannie Mae HomePath Financing for California homes come with added bonus in June – 3.5% towards closing cost assistance. Thats right, Fannie Mae is paying 3.5% towards your closing cost if you close your transaction by June 30, 2011. HomePath financing is available for houses that are currently owned by Fannie Mae. To get a full list of properties that qualify for HomePath financing go to the official HomePath website.
Benefits of HomePath financing:
- Only 3% down payment required for Primary Residence (this can come as a gift)
- Available to Investors too with 10% DownPayment
- No MI (Mortgage Insurance) requirement
- No Appraisal required – the Loan to Value ratio is calculated at the contract price
- Seller contribution up to 6% is allowed towards closing cost
- Many Condo Project Requirements are waived too
- Fixed and ARM programs available – rates are usually higher than the conforming rates at higher loan to value (LTV) ratios
We are an approved HomePath mortgage lender and would be glad to check your eligibility for this special loan program if you are looking to buy anywhere in the state of California. Call us at 408.615.0655.
** Update 6/27 – The 3.5% Bonus has been extended. The new terms are:
- Incentives available on offers submitted and accepted between 6-14-11 and 9-15-11
- Must close by October 31, 2011