Homepath Financing Details
· 3% Down for 1-unit primary residences
· 10% Down for 1-unit investment properties
· No Interior Appraisal required(sales price used to determine LTV/CLTV).
· No inspections required
· No condo questionnaire required
· No mortgage insurance
· 620 FICO score needed for 20% or more down
· 660 FICO score needed for 3% - 19% down
· Loan amounts up to the county limit are available (higher FICOs needed when going above $417,000)
· Use up to 45% of your PRETAX income to qualify (50% with several strong compensating factors)
· 30 FIXED RATE (3/1, 5/1, 7/1, and 10/1 ARMS also available)
· If downpayment is less than 5%, then there is no minimum contribution requirement from borrower's own funds (I.E. gift funds allowed for entire Down Payment, Down Payment Assistance's not allowed)
· If down payment is between 5-19%, then occupant borrower must provide 5% from own funds. If 20% down or more all the funds can be from a gift
· When purchasing a Investment property and wanting to use potential rental income, you must have an executed lease agreement and at least 2 years of property management experience
· 10% Down for 1-unit investment properties
· No Interior Appraisal required(sales price used to determine LTV/CLTV).
· No inspections required
· No condo questionnaire required
· No mortgage insurance
· 620 FICO score needed for 20% or more down
· 660 FICO score needed for 3% - 19% down
· Loan amounts up to the county limit are available (higher FICOs needed when going above $417,000)
· Use up to 45% of your PRETAX income to qualify (50% with several strong compensating factors)
· 30 FIXED RATE (3/1, 5/1, 7/1, and 10/1 ARMS also available)
· If downpayment is less than 5%, then there is no minimum contribution requirement from borrower's own funds (I.E. gift funds allowed for entire Down Payment, Down Payment Assistance's not allowed)
· If down payment is between 5-19%, then occupant borrower must provide 5% from own funds. If 20% down or more all the funds can be from a gift
· When purchasing a Investment property and wanting to use potential rental income, you must have an executed lease agreement and at least 2 years of property management experience