Claremont HomePath Home Loan Programs

Looking to find a cheap home with great options for financing? Are you an investor or first time home buyer trying to take advantage of bargain-hunting through foreclosed homes? Did you find a nice foreclosed home in the Claremont area but you want to finance some renovations into the mortgage as well? Your best mortgage program is the HomePath Home Loan in this case. HomePath home loans offer Claremont home buyers the option of buying very affordable foreclosed homes owned by Fannie Mae with very supportive financing options. HomePath loans can be a great option for your new Claremont home.

What is a HomePath Home Loan?

HomePath Home Loans are a type of loan program created for the purchase of Fannie Mae controlled mortgages that went into foreclosure. They are already backed by Fannie Mae, so more lenient down payment and financing can be handled without too much risk on the lenders side. The benefits to the borrower for a HomePath loan include a low down payment, in some cases only 3%, and even then the initial down payment can also be financed by local non-profit lenders or organizations to assist home buyers get into a home. A low credit score; 620-660; can apply as well, depending on the program you pick and the home you choose. Also renovations are available with a HomePath Renovation Home Loan, but is limited to "light" renovation, which is determined between you and your lender.

Requirement for a HomePath Home Loan - Explained

Depending on whether you go the standard HomePath home loan or a HomePath Renovation home loan, there are some general requirements to qualify:

• Between 620-680 Credit Score
• Must show financial capability to pay back loan
• If Renovation, limited to FRM and ARM programs, normal HomePath home loans can choose an interest-only program
• If a owner occupant, you have the First Look program to help secure a home before investors during a 15-day grace period of the home being listed
• Limits on home price depending on county, check with your lender
• 3% down with approved financial situation, option for outside organizations to assist with down payment

With the right financial background and home picked out, the HomePath home loan program might be the best bet for your Claremont new home.

Get a HomePath Home Loan Program Quote for Claremont Today

If you pass all these requirements and are looking for a HomePath home loan in the Claremont, California area, there really is no better way to go than Mountain West Financial. Contact us via e-mail at info@nathanrufty.com or by phone at (909) 230-4395 today and we'll help answer any questions and tailor fit this program to work for you.