Q:

What are the HomePath loan requirements for a mortgage?

A:

Quick Answer

Loan requirements for a HomePath mortgage include income verification through tax returns and W-2s, credit scores through official credit reports, and asset verification through bank statements, according to TheMortgageReports.com. Mortgages through the organization are discontinued as of Oct. 7, 2014, according to HomePath.com.

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Full Answer

HomePath is part of Fannie Mae, the Federal National Mortgage Association, according to the HomePath website. HomePath is used by Fannie Mae to sell properties that the association obtained through foreclosure or when a homeowner transfers or forfeits property ownership to FannieMae. The HomePath website includes detailed listings of available properties across the country, which can include single-family homes, townhouses and condominiums.

While HomePath mortgages are no longer offered, the website does include information about financial flexibility options and financial assistance programs. According to the site, down payment and purchase assistance is available through HUD?s Neighborhood Stabilization Program and some local and state housing authorities.

Property sizes and prices vary, and homes are sold ?as is,? according to HomePath. Fannie Mae may authorize small repairs to make properties more marketable, but some properties may need more complex repair or renovation. Fannie Mae does not guarantee work done on for-sale properties and encourages potential buyers to hire a home inspector before purchasing property.

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