A Home Path Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal, no mortgage insurance, and expanded seller contributions. The final sales price is used to underwrite the loan. Mortgage insurance is also not required but for higher loan-to-value loans there may be a higher cost.
Benefits to the Borrower:
To see what types of homes qualify for home path financing, visit: www.homepath.com