I'm not a big advocate of going into debt but buying a home to me would be an exception. You have to live somewhere and if you are not independently wealthy you will probably have a monthly housing payment. A HomePath Mortgage has many advantages.
A HomePath Mortgage may be a better option than an FHA mortgage. A HomePath Mortgage only requires 3% down whereas an FHA mortgage can require 3.5% down. There is no PMI insurance on a HomePath Mortgage. An FHA mortgage has mortgage insurance as well as a 1.5% funding fee up front ouch. There is no appraisal required for a HomePath loan.
Home Path mortgage information
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