Kentucky Fannie Mae HomePath Mortgage Loan® We are pleased to announce the introduction of the Kentucky Fannie Mae HomePath® product The HomePath® mortgage provides special financing for loan‐to‐value (LTV) ratios up to 97% when the borrower is purchasing an eligible Fannie Mae‐owned property. Other key features include financing without mortgage insurance with LTVs greater than 80% and no appraisal report or cost.Product Overview & Guidelines Loan Terms: Fixed Rate Terms only‐ 10, 15, 20 and 30 year terms Occupancy: Owner Occupied 1‐4 unit principal residence Maximum Loan Amount & LTV Matrix: Minimum Credit Score Maximum Loan Amount Max LTV Max CLTV Max HCLTV 1 >= 660 $417,000 97% 97% 105% 659‐640 $417,000 80% 97% 105% 1‐ HCLTV: acceptable secondary financing is a Community Second per Fannie Mae guidelines Down Payment Requirements: o 1 unit principal residence: Minimum 3% (may come from flexible sources per Fannie Mae’s Flexible Mortgage guidelines) o 2‐4 unit principal residence: Minimum 5% must come from borrower’s own funds Eligible Property Types: o Single Family Primary Residence o Site Condo’s o PUD’s o All homes eligible for HomePath® financing must be a listed at www.homepath.com, and include the required HomePath® Mortgage logo HomePath® Mortgage ‐ Renovation Mortgage dual logo must be displayed for the property to be eligible through RMC FHA to increase the FHA monthly mortgage insurance #Kentucky#" href="http://louisvillemortgageguide.com/2011/04/19/fha-to-increase-the-fha-monthly-mortgage-insurance-kentucky/">Mortgage Insurance: Not required regardless of the LTV Automated Underwriting System: Desktop Underwriter®(DU) must maintain Approve/ Eligible findings and must be fully documented to the DU findings o The following DU messages may be disregarded: Mortgage insurance is required The maximum allowable seller contributions have been exceededPage 2 Level of fieldwork recommendation Property value estimate appears to have an excessive rate of appreciation based on analysis of recent sale o My Community Mortgage program is not an acceptable option for DU HomePath® loans o Loans with a LTV/CLTV greater than 95% must meet the Fannie Mae’s Flexible Mortgage requirements Credit Score Requirements: LTV Credit Score > 80% 660 80% or less 640 Reserves: Per DU Findings Qualifying Ratios: Debt‐to‐Income: 45% Documentation: o Standard Full/ Alternative Documentation required o 4506‐T: properly completed and signed 4506‐T required for all loans‐ Tax Transcript results required o Reduced documentation is not allowed, regardless of any lesser requirement given by the DU findings o File documentation must include a printed copy of the home listing from Fannie Mae’s website www.homepath.com denoting that the property is eligible for HomePath® financing HomePath® Mortgage ‐ Renovation Mortgage dual logo is eligible HomePath® Mortgage only is not eligible HomePath® Renovation Mortgage only is not eligible Appraisal Requirements: Not Required o The LTV ratio will be based upon the sales price o It is highly recommended that the borrower(s) obtain a home inspection of the property Financed Properties: Borrower may finance a maximum of ten (10) properties per Fannie Mae guidelines, including borrower’s primary residence‐ Refer to the DU findings for more specific requirements Escrow Waiver: Permitted for LTV ratios of 80% and less (pricing adjustments will apply) Interested Party Contributions: Primary residences‐ 6% Pricing: See HomePath® page of daily rate sheets or live pricing at http://mylouisvillekentuckymortgage.com for all applicable pricing adjustments
Frequently Asked Questions
Where can I get help on the Kentucky HomePath Online Offers Program?
Please click here to access our help materials including webinars, job aides, and FAQs. If you still have questions, please email our support mailbox atHomepath_Online_Offers@fanniemae.com.
I am a real estate broker. Can I sell Fannie Mae REO?
For more information on becoming a Fannie Mae listing agent, click here.
How can I learn more about Kentucky Fannie Mae homes?
To learn more about Fannie Mae homes, click here
Where can I find home buying tips?
To obtain general information on purchasing a home click here.
Where can I find information on foreclosure prevention?
To obtain information on preventing foreclosures click here
What additional home buying resources are available?
For additional resources about the home buying process click here.
Why does Fannie Mae have properties for sale?
Fannie Mae works with all of its partners to help homeowners prevent and avoid foreclosure; however, sometimes it is unavoidable. When foreclosures occur on mortgages in which Fannie Mae is the investor, our goal is to sell properties in a timely manner in order to minimize the impact on the community.
What kinds of properties are available in the Fannie Mae HomePath database?
Fannie Mae’s HomePath database includes only properties that are owned by Fannie Mae. There is a wide selection of homes, including single-family homes, condominiums, and town houses—located in a variety of neighborhoods. The number, types and the sales prices of the homes that are offered for sale may vary substantially. Many of these homes are relatively new; however, older homes are offered in some areas. Some homes may require repairs.
How is buying a home owned or managed by Fannie Mae different from other home purchases?
Usually, when you buy a home, you deal with a seller who lives in the home. Fannie Mae has acquired these properties through foreclosure, deed in lieu of foreclosure, or forfeiture.
When buying a Fannie Mae-owned home, you should know the condition of the property, as explained in more detail below, the cost of any needed repairs, and the steps in the loan qualification and closing process before you enter into a purchase and sales agreement.
Has Fannie Mae fixed everything in the house?
Fannie Mae may make some repairs to properties to increase their marketability; however, the buyer should be aware that other repairs may be needed. Fannie Mae sells each property “as is,” which means that the buyer accepts the property “as is.” Fannie Mae is not responsible for fixing any problems after settlement.
Even if the house has fresh paint, brand new carpet, new appliances, perhaps even a new roof or siding, it doesn’t mean everything in the house is new, or even works.
Fannie Mae does not warrant or guarantee any work that may have been done on the property, whether as part of its efforts to sell the home or pursuant to conditions in the purchase contract. Where a home warranty is available, you may wish to buy it at your own expense.
You should also consider hiring a qualified professional to inspect the property, whether it has been repaired or not. Hiring a home inspector is a recommended practice, no matter what type of home you buy.
What can you tell me about this house?
If Fannie Mae knows of any hazards on properties we own or market, we disclose this information through our real estate listing agents. However, we may not have been informed by the previous owner of all hazards. We encourage you to have the property inspected by a professional before you buy.
What type of sales contract does Fannie Mae use?
Fannie Mae uses a state-specific real estate purchase contract and a real estate purchase addendum for our properties. If there is anything in the document you don’t understand or aren’t comfortable with, you may want to contact a real estate attorney, the real estate sales professional who has listed the property, or any real estate professional of your choice to review these documents with you.
Do I have to use Fannie Mae’s selected title, settlement, or escrow companies?
No. You may designate the title, settlement, or escrow company of your choice, subject to the terms of the contract.
Will Fannie Mae accept an offer contingent on the sale of my house?
No, Fannie Mae will not accept offers contingent on the sale of your current home. Other types of contingencies will be considered on a case-by-case basis.
Why does Fannie Mae request a lender’s prequalification statement before negotiating a home purchase offer?
Fannie Mae does not require a prequalification statement or letter before negotiating an offer. However, by obtaining this statement or letter, you better position yourself to get financing and complete the sales transaction in a timely manner. Prequalification allows you to see how much house you can afford and the mortgage amount you may be able to qualify for before you make an offer on a home. It also helps you focus on homes in an affordable price range.
A loan prequalification doesn’t mean your loan is approved. You must apply for a loan separately, after you are prequalified and your purchase offer is accepted.
You may obtain a loan prequalification or a loan pre-approval at the lender of your choice. To take advantage of our special financing, we encourage you to work with a HomePath-approved lender. To find a HomePath-approved lender in your area, please click here.
Does Fannie Mae provide special financing?
Special financing is available on many properties through HomePath® Mortgage and HomePath® Renovation Mortgage. Click here for more information.
Can I buy a house directly from Fannie Mae without going through a real estate sales professional?
No. Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through our real estate listing agents. You may work with any real estate sales professional to submit an offer to the real estate agent who has listed the property.
What happens if Fannie Mae gets more than one offer?
All interested parties may be asked to submit their best offer in writing though the listing agent no later than a specified date and time. Fannie Mae may accept or provide a counteroffer that we determine to be in our best interest. Fannie Mae is not obligated to accept any offer submitted.
Senior Loan Officer
Senior Loan Officer
phone: (502) 905-3708
Fax: (502) 327-9119
Company ID #1364 | MB73346