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For buyers using Fannie Mae’s HomePath Buyer Ready closing cost assistance program, the next step is to complete the agency’s free,seven-moduleonline education course. Buying a Fannie Mae-owned HomePath home differs from buying an ordinary home or a new construction property. Buyers must follow a standardized process for Fannie Mae, which helps the agency sell more foreclosed properties to buyers more quickly.
Offers to buy Fannie Mae HomePath homes must be submitted through a property’s listing agent or via the Fannie Mae website. This spacious 4 br, 2.5 bath brick colonial has an amazing location literally minutes from all major... You must have a real estate agent or REALTOR® to buy a HomePath home. You must also complete Fannie’s Ready Buyer™ online course before you submit an offer for a HomePath home.
Do I have to use a Fannie Mae conventional mortgage when I buy a HomePath property?
In the sale or rental of housing or residential lots. Some of these homes are "Hot Homes," meaning they're likely to sell quickly. New construction homes are typically financed by home builders and commercial lenders and not via Fannie Mae. Finding a brand-new house on the Fannie Mae HomePath website would be rare. Other contingencies, including mortgage, appraisal, and home inspection, are considered case-by-case.
Buyers must submit purchase offers via the HomePath website. Fannie Mae permits buyers to revise their offers until the stated purchase offer deadline. HomePath gives local home buyers a first look at foreclosed homes for sale and provides incentives to purchase homes at a discount. HomePath can be combined with a standard home mortgage to create a low-down payment, low-priced home purchase. Sharing the seller’s real estate agent is one offirst-time home buyers’ top mistakes.
Your real estate agent must use Fannie Mae’s version of the real estate sales contract
Look for the First Look logo on the property listing page to see if the property is still in the First Look period. Fannie Mae had never worked directly with home buyers, but at the height of the crisis it had 162,000 houses to sell. The HomePath program maintains, upgrades as needed, and sells Fannie Mae–foreclosed properties through a network of contractors and real estate agents around the country.
Granite and stainless steel appliances in kitchen. Close to to green line and Metra, Downtown Oak Park's shops and restaurants. No, home buyers can finance their purchase of a HomePath using any available mortgage type. Conventional, FHA, VA, and USDA loans are allowed. Buyers whose mortgage lenders arrange for a Fannie Mae-backed conventional loan receive a $500 credit toward closing costs from Fannie Mae.
Possible downside of purchasing a Fannie Mae HomePath property
Real estate agents cannot equally represent both parties in a transaction because a listing real estate agent’s first responsibility is to its seller. The Fannie Mae website lists HomePath homes for sale. Fannie Mae rehabilitates many of the homes before selling them and offers special mortgage incentives to eligible buyers, including closing cost contributions. This 3 bedroom 2.5 bath townhome has so much to offer, bright and airy, formal dining room, huge living room... Once you decide you’re ready to move forward with the purchase, your agent can submit an offer. Ask your representative to include a request for closing cost assistance with your initial offer.
There‘s a wide range of home types available through HomePath. You may find everything from condominiums to multifamily properties, depending on when you shop. Whether you’re looking to buy a HomePath property or complete a short sale on a home you already own, visit HomePath.com to start the process. A local listing agent who has a contract with HomePath then markets the property like any other listing. But here’s where HomePath properties differ from others. However, there’s also another scenario where Fannie becomes the owner, through a process known as “deeds-in-lieu of foreclosure” or forfeiture.
HomePath is a Fannie Mae program that can help you move into a foreclosed home with financial assistance. You may be able to buy a home with a down payment as low as 3% when you take a HomePath conventional mortgage. You may also qualify for closing cost reimbursement equal to up to 3% of what you pay for your property.
Many of these homes have competitive prices, as Fannie Mae’s goal is to sell the properties quickly. Take a look at what’s available and compare it with your budget. Contact your agent if you see a home that you want to view. You still need a down payment and a credit score to get a loan, but the down payment required may be lower, and your down payment can be from more flexible sources of funds.
HomePath homes may be better for younger buyers who want a starter home. HomePath homes can be smaller and more affordable, which can make them an ideal choice for buyers on strict budgets. Help with closing costs can also bring the dream of homeownership closer to reality for buyers who need to stick to a lower budget. Take careful note of the property’s condition during your viewing.
Please contact your tax adviser for any tax related questions. Again, while this program is not widely used today, it is still available. Interested homeowners are urged to explore the inventory of REO properties on HomePath.com. Yes, home buyers can use anadjustable-rate mortgageto finance a HomePath home.
Third-party real estate websites such as Zillow and Redfin may list HomePath homes for sale. However, third-party websites may be inaccurate and out-of-date. Home buyers can only purchase a HomePath via the Fannie Mae HomePath website.
An inspection is different from the home appraisal that’s required by most mortgage lenders. During an inspection, an assessor will walk through the property and inspect many of its structural components, including the foundation, roof and systems. Most people complete the Ready Buyer™ program in 4 – 6 hours. Though the program costs $75 to complete, Fannie Mae offers a reimbursement when you close on a HomePath property. After you have an idea of how much you can spend on a home, it’s time to get preapproved for a mortgage loan.
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