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; therefore 5% down is recommended.
• 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.