The Fannie Mae HomePath mortgage loan program has started to become more and more popular — people are actually calling and asking about the loan program by name. You can’t imagine how strange that is in the world of mortgage-guys — people usually call you and begin by saying something like:
Hello, I would like to talk to you about qualifying for a mortgage…
But recently, more calls have begun with something like:
Hello, I would like to see if I can get one of those Fannie Mae HomePath loans…
Which is strange.
But, I learned long ago — don’t fight the trend. And the truth is, the HomePath program trend is both growing in popularity and also a great program because Fannie Mae has put some of their (unlimited?) resources behind it.
One of the common questions that we get about the HomePath program is “what kinds of properties are eligible for the program?”
Fannie Mae HomePath Mortgage Loan Program: Find it On The Web First
The first step to finding out if a property is eligible for HomePath financing is to find it at the HomePath website. All properties must be designated on the HomePath website as eligible for HomePath financing. The printed property page from the HomePath website must include the date the copy was generated. If a property is eligible for HomePath financing, it will have a logo that looks like this on it:
Mr. Obvious would like to point out that if the property has a logo that looks like the one below anywhere on the property page, this means that the property is not eligible for HomePath financing for some reason:
Fannie Mae HomePath Mortgage Loan Program: Eligible Property Types
The types of properties that may have the eligible property logo on them include:
- 1-4 unit properties
- Fannie Mae/Freddie Mac eligible condominiums
- Planned unit developments
- Modular homes
- Manufactured homes (must be a double-wide)
Ineligible properties include, non-Fannie Mae/Freddie Mac eligible condominiums, single wide manufactured homes and cooperative properties.
The minimum loan amount for the HomePath program is $20,000 (Hi Dean!) so be sure that you are planning to finance at least $20,000.
More From Arizona Mortgage Team
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Hi there,
I am a mortgage broker in the state of Oregon, not licensed in Arizona
Did your company have to get approved to access this program or are all licensed mortgage companies eligible?
I have been trying to track down this answer with little luck these days.
Thanks,
Kendra
Kendra,
All mortgage companies are approved to do the HomePath product, if you are approved with a wholesaler that offers it; which is far and few between.
Hi There,
I have a property that is listed on the homepath webpage but does not the the homepath financing log. It doesn’t have the one with a red slash around it either. It is also a fnma property and bank owned. Are there any options for me to have it ok with doing homepath?
Thanks,
Howdy, i read your blog from time to time and i own a similar one and i was just curious if you get a lot of spam responses? If so how do you prevent it, any plugin or anything you can recommend? I get so much lately it’s driving me crazy so any assistance is very much appreciated.