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000 can go down to 580 credit score) Debt ratios HomePath loans have more strict guidelines on debt ratios. FHA will allow you to qualify for a higher purchase price than HomePath. The Similarities Ho, 000 you borrow it adds $95.83 a month to the principal and interest payment. HomePath loans have no mortgage insurance. Interest rates Because HomePath has no mortgage insurance, and either will make you happy. However, Broward County, Fannie Mae charges higher interest rates. The less you put down the higher the interest rate. FHA rates are the same regardless of how much you put as a down payment. So the more you have/want to put , FHA or HomePath??? Both loans are great, FL Homes, HomePath loans will give you a lower overall payment even though interest rates are higher than FHA. This is because FHA loans have very expensive mortgage insurance and HomePath loans don’t. Howeve, not all properties qualify for HomePath financing. Plus you may need the greater flexibility of FHA debt ratios and credit scores. To determine which loan is best for you, Realtor Associate The Keyes Company shaunclarke@keyes.com, Shaun Clarke, South Florida Home loans, South Florida Real Estate, There are many similarities and differences between FHA and HomePath. It is important to keep in mind some important points about both programs. The Differences. HomePath Financing is only for Fannie , we will analyze your overall situation and recommend the loan that best fits your needs. www.fanniemaehomepathloans.com
HomePath loans require a minimum down of 3%