Kinecta Federal Credit Union, Manhattan Beach, Calif., said as of Tuesday afternoon it had become the only approved CU in California to offer Fannie Mae’s HomePath mortgages along with additional incentives temporarily available.
The company also lays claim to being just one of five CUs in the nation approved to offer the product.
Along with the HomePath mortgages, Kinecta said an additional 3.5% closing cost incentive and $1,200 bonus to selling agents meeting certain criteria and representing owner-occupants is currently being offered. These are valid from June 14 through Oct. 31.
HomePath gives special financing terms to those purchasing select Fannie Mae properties, including single-family homes, condominiums and town houses in a variety of neighborhoods.
Properties may be owner-occupied, but also second homes or investor-owned. Financing terms can include low downpayments and loan-to-value ratios up to 97% for conforming balance, primary occupancy fixed and adjustable-rate mortgages.
