MANHATTAN BEACH, Calif.-Kinecta Federal Credit Union is one of a handful of lenders in the nation approved to offer the HomePath Mortgage.
Because of the CU's participation, members are able to view Fannie Mae's REO properties through Kinecta's web site; no appraisals are required, downpayments can be as low as 3% and no mortgage insurance is required regardless of down payment.
Brian Robinett, Kinecta's SVP and chief credit officer, said being HomePath approved is "nice recognition from Fannie."
"Fannie Mae has a list of REOs, Kinecta works with its Realtor partners to finance the property, and our members get access to Fannie Mae's list."
HomePath Mortgages through Kinecta are available in a variety of terms, 10, 15, 20, 30 or 40 years, with fixed or adjustable rates. The CU said it allows as little as 3 percent down on conforming balance, primary occupancy fixed and ARM loans, and is able to pass along special limited-time incentives offered by Fannie Mae to its members.
