HomePath by Fannie Mae takes on 100% Guaranteed by USDA. Both of these programs are offered by Knightlines Mortgage Services, LLC of Lake County, Florida. And both are going strong to help spark home purchases across Florida.
Before we compare these two programs, we are first going to disclose the following: Despite USDA being out of money, Knightlines has funding sources that are still able to close and fund the USDA Guarantee Loans with all the benefits of the loan.
HomePath |
100% Guarantee |
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Offered by Fannie Mae |
Offered and Backed by USDA |
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Up to 97% Financing |
Up to 100% Financing |
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Up to 6% Concessions Towards Closing Costs |
Up to 6% Concessions Towards Closing Costs |
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No Mortgage Insurance |
No Mortgage Insurance |
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No Appraisal |
Appraisal Required |
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Property must be on www.HomePath.com |
Property must be located in USDA Eligible area |
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No First-time homebuyer restrictions |
No First-time homebuyer restrictions |
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Can finance up to 10 properties |
Cannot own any other property |
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Available for primary, second, and investment properties |
Available for primary property purchases only |
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No Income Restrictions |
Must Meet Income Eligibility Requirements |
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Adjustable Rate and Fixed Rate programs available |
30 Year Fixed Only |
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No Prepayment Penalty |
No Prepayment Penalty |
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Preferred Credit Score 660 |
No Minimum Credit Score |
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Must receive automated underwriting approval |
Manually Underwritten |
As you can see there are a lot of similarities between the two programs, but each has its own uniqueness to make it more attractive than the other based on your, the buyer’s, needs. Call us today to discuss your situations, or apply online now to secure your financing before time and money runs out.
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