A HomePath home is a bank owned property owned by Fannie Mae and offers special financing when buying their property and using their money.
The fact is Fannie Mae is one of the largest mortgage owned lenders and it is not so much the property being owned by Fannie Mae but it is the special financing that is available through HomePath.
One thing that HomePath offers for buyers iswhat they call “First Look” program. Under the first look program, for the first 15 days that the property is listed on HomePath.com, the property is available to buyers who plan on making the home their primaryresidence, known as “owner occupancy”. If the home is still available with no offers after the 15 days it opens up to everyone which includes investors.
The best part about HomePath Homes is on the lending side of it…Fannie Mae offers some great incentives to buy their properties that are basicaly sitting vacant. These perks just don’t apply to owner occupancy but to people who are wanting to buy a second home or an investment property.
This is what you can get with a HomePath Mortgage.
Minunmal 3% down payment: down payment can come from savings, gift, grant, non-profit organization, or employer
Fannie Mae will not request an appraisal
No mortgage insurance (PMI). Ask your lender about details on no mortgage insurance.
Expanded seller contribution towards closing cost
Available for primary resident, second home or investment property.
Here is an added bounes that HomePath is offering to buyers until June 30, 2011…Fannie Mae will contribute up to 3.5% towards closing cost assistance. The HomePath buyer must meet the following qualification to be eligible for this.
- The initial offer must be submitted on or after April 11, 2011 and close by June 30, 2011
- The sale must close befor June 30, 2011
- In order to receive the 3.5% incentive the buyer must be purchasing the home for their primary residence.
- Buyers will be requested to sign a Owner Occupancy Certification Rider
- If the Buyers total closing cost are under 3.5%, the difference will not be available for buyer’s credit.
As you can see, the HomePath program can be nice tool to help a buyer get into a home with less out of their pocket than other loans like FHA. You can find out more from Fannie Mae at www.HomePath.com
Contact Todd Rodocker to find out more about HomePath Homes and financing.
Todd Rodocker specializes with first time home buyers, seasoned buyers and investors. He can be contacted at firstname.lastname@example.org, cell 801-694-0903 or by visiting his web sites www.utahrealestatestore.com, www.SearchUtahFineHomes.com