How do you qualify for a Fannie Mae HomePath property?

How do you qualify for a Fannie Mae HomePath property?

Fannie Mae requires that you must not have held any type of homeownership in the last 3 years to qualify as a first-time buyer. You must also plan to use your HomePath home as a primary residence, and you need to move into the property in a timely manner, legally, within 60 days of closing.

What does HomePath property mean?

foreclosed homes
HomePath properties are foreclosed homes owned by Fannie Mae. While some are move-in ready, others are in poor condition and require immediate repairs. Learn what Fannie Mae HomePath properties are, how they work, and what you need to do to purchase one.

Are HomePath loans still available?

The Fannie Mae Homepath loan is a defunct mortgage program which reduced the cost of purchasing a foreclosed property for either personal use, or to “flip” for profit. Today, Fannie Mae still operates a Homepath website, on which it lists foreclosed properties for sale.

Are HomePath homes negotiable?

HomePath Property Price Negotiation Typically, you’ll only be able to get a property for a lower price if there’s something wrong with it. If there are multiple offers, you may find that a buyer offering a higher amount than the asking price gets the deal.

Does HomePath pay closing costs?

HomePath “Ready Buyer” Pays Your Closing Costs The Fannie Mae HomePath program is an excellent way for buyers and real estate investors to find homes for sale at a discount. Closing cost assistance is paid by Fannie Mae, and delivered to your closing.

What is a HomeReady 30 year fixed?

HomeReady is a conventional mortgage loan via Fannie Mae, which means that you are required to pay private mortgage insurance until your home’s loan–to–value (LTV) reaches 80% of the original purchase price, or 80% of the home’s market value.

What is the Home Ready program?

The HomeReady™ Mortgage (HomeReady) program helps lenders serve today’s market of creditworthy, low- and moderate-income (LMI) borrowers, and encourages the financing of homes in designated low-income, minority,15 and disaster-impacted commu- nities.

Can anyone buy a Fannie Mae HomePath property?

Fannie Mae does not directly sell homes; it only sell homes through real estate brokers. Fannie Mae lists its homes on a Web site called Homepath.com. Fannie Mae’s homes are available to owner occupants as well as investors.

What is HomePath renovation financing?

HomePath Renovation Mortgage allows a borrower to purchase a property that requires light to moderate renovation. The loan amount includes both the funds for the purchase and for the renovation. The borrower works with the lender and the contractors to determine the renovations.

Can you buy a HomePath property with cash?

yes. You will still need proof of funds showing you have the cash to purchase the property.

Can I buy a house directly from Fannie Mae?

Fannie Mae does not directly sell homes; it only sell homes through real estate brokers. Fannie Mae lists its homes on a Web site called Homepath.com. But buyer beware: Buying a Fannie Mae home is different than a traditional private sale. Fannie Mae’s homes are available to owner occupants as well as investors.

How long does it take to close on a Fannie Mae HomePath property?

The standard closing period for HomePath buyers using NSP and other public funding assistance is 45 days, according to Fannie Mae. HomePath buyers then can expect to close on their properties anywhere from shortly after Fannie’s offer acceptance up to 45 or so days later.

How does a HomePath property differ from other properties?

But here’s where HomePath properties differ from others. Fannie Mae HomePath has a soft spot for owner-occupants who will make a house a home. So for the first 20 days a property is on the market, Fannie Mae considers only contracts from owner-occupants and nonprofits that help them.

How does Fannie Mae’s HomePath program work?

To find new owners for those properties, Fannie Mae created HomePath, a program that sells foreclosures to eager buyers. “During the foreclosure crisis, we had many properties come back to us,” says Julia Dugger, Fannie Mae’s director of marketing and agent performance, based in Washington, DC.

What are the risks of buying a HomePath property?

However, there is an inherent risk of purchasing these types of properties as the interior can often be in need of repair. With this HomePath program, the properties were often fixed up and then resold through Fannie Mae.

How do I get financing for HomePath real estate?

Fannie Mae has several financing options to help you purchase HomePath real estate. Fannie Mae loan options are designed especially to help multigenerational home buyers, as well as low- to moderate-income households.