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On a HomePath loan, what is the minimum down payment allowed?

by brian.p826 from Seaford, Delaware. Mar 3rd 2016 Reply


Larry Gray (lgray_312_247)
#592 ranked lender in California - 1,139 contributions

For the longest time it has been 3% so I assume it still is. We have our own first time buyer programs aside from this good fannie mae program...even for borrowers with lower credit scores at 3% down. However, the advantage of the Homepath, even if rates are higher for 3% down as opposed to 5% down is no PMI. If your credit scores are good to excellent then you need to compare 3% down, conventional standard with the homepath as you can still have no mortgage insurance with either loan and you may prefer to go with the best rate. I can only do mortgage mortgage loans in CA.

Mar 3rd 2016
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,243 contributions

Actual HomePath mortgages are no longer available (ended fall of 2014 I believe), but 3% down is very possible for first time buyers (not owned a home in the past 3 years), OR, if you meet certain income limitations. With FHA, it is 3.5% downpayment .

Mar 3rd 2016
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

HomePath loans require 5% down and you can only use this loan on a HomePath Home.. In all of Phoenix, there's only 10 available.. In Seaford Delaware, I only saw one property that allowed HomePath financing.. But realistically, you should get with a local mortgage professional and let them look at your complete loan scenario and explain to them what your goals are.. theres most likely a finance plan out there that would be much more suited for you goals than this dying HomePath program. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Mar 3rd 2016
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Justin Murray (JustinMurray)
#101 ranked lender in Illinois - 172 contributions

Depending on what you qualify for and the area in which the home is located - there are plenty of programs that offer 0-3% down. Some have income restrictions and some do not. Please feel free to contact me at my office or through email if you would like me to give you an overview regarding the loans we offer in Delaware. Justin Murray / JMurray@WintrustMortgage.com / 312-256-4065

Mar 3rd 2016
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 593 contributions

3% to 5% down payment, also look into other loan programs

Mar 4th 2016
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