As of late last year Fannie Mae made a change to their Home Path loan program. Home Path is when the property is owned by FNMA and is in need of "light renovation" Typically about 3k in repairs. We see alot of demand for pre-approval letters for the Homepath but every time we price one out versus FHA or the FHA 203k program the overall payment is superior against the HomePath. Anyway the change is as follows.
Source of down payment will no longer be eligible if unsecured funds from a relative, domestic partner or fiancee.
It must be YOUR money not a gift. For superior options to HomePath just give me a call or email and I will be happy to walk you thru the process. Hope this helps.
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