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