HomePath Mortgages:

· Minimum Down Payment is 3% but 5% is best.

· Investor’s minimum down payment is 10% down.

· 2 Unit properties require 20% down regardless of occupancy.

· 3-4 units require 25% down regardless of occupancy.

· An appraisal is not required.

· Regardless of down payment mortgage insurance is not required.

· Most closings can occur within 30 days.

· The interest rate is usually .375% higher than market.

· The payment on a HomePath Mortgage will always be lower than an FHA payment.

· Condos do not require HOA certificates. Verification of owner occupancy ratios or percentage of delinquent HOA dues is not required.

· Condotels are not allowed.

· Condos in Arizona , California , Florida , Michigan and Nevada are not eligible.

· Manufactured homes are not eligible.

· Minimum credit score is 660 unless the down payment is 20% then the minimum score is 620. No exceptions.

· The minimum loan amount is $50,000. The maximum loan amount is $417,000.

· The seller can pay up to 6% of the sales price towards the borrowers closing costs. Regardless of loan to value.

· HomePath is a conventional loan product.


HomePath Renovation Mortgages:

· Minimum Down Payment is 3% but the fees to do this will exceed 2% of the loan amount. I require 5% down on all HPR loans.
The sales price on the contract should not include the cost of repairs.

· A list of required repairs will not be provided. The borrower must rely on their inspection.

 · Sweat equity is not allowed. Borrowers must hire one credible General Contractor to bid the entire project.

· Multiple bids are not allowed.

· The General Contractor must attend closing.

· The repairs are completed after closing.

· The minimum down payment for investors is 15%.

· 2 unit properties require 25% down regardless of occupancy.

· 3-4 unit properties require 30% down regardless of occupancy.

· Condominiums, manufactured housing and co ops are not eligible.

· Properties in New York , New Jersey , Delaware and North and South Dakota are not eligible.· Miami Dade County in Florida is not eligible.

 · Renovation funds can be used for cosmetic renovations.

· The bid must include all required repairs necessary to bring the house up to average condition.

· Barns and pools cannot be added.

· $35,000 is the maximum the borrower can escrow, but additional repair costs can be paid in cash.

· Minimum loan amount is $50,000. However the program doesn’t work if the loan amount is under $100,000.