HomePath Financing
for
Fannie Mae Bank Owned Properties
Don't be afraid to check into Fannie Mae's HomePath Financing. The downpayment requirement is 3% or less. It isn't a gimmick, the lenders follow certain guidelines set forth by Fannie Mae.
One loan program is designed for homes that are currently owned by Fannie Mae and are move-in ready = HomePath Mortgage.
The other loan program is designed for homes that are currently owned by Fannie Mae and in need of repair = HomePath Renovation Mortgage.
Many of the bank owned properties coming on the market are owned by Fannie Mae and the listings indicate that they are eligible for HomePath financing. I have found that many buyers are reluctant to check into HomePath because they are already pre-approved with their FHA lender. However, some of the bank owned properties will not pass FHA guidelines so it cuts down on the number of homes that the buyer might otherwise consider.
A link is provided below to HomePath so that you may read more about the program and find a list of lenders that have been selected to do HomePath financing.
I selected one of the lenders from the list - NationStar Mortgage - to check them out - and was pleased with the level of customer service. I talked to Rolfe Harden - 800-306-9027, ext 5912 for quite some time and felt he was very knowledgeable, and very willing to assist new buyers with questions - he did recommended that buyers call the toll free number to talk to someone in person instead of applying online. I should add that these lenders do a full range of loans and not just HomePath.
This information on HomePath financing is provided just to help ease the minds of some buyers that are reluctant to inquire. These are valid loans, and a very good deal for those who qualify.
If you have any questions regarding HomePath or bank owned properties, please feel free to contact me.
Sandy Michaels, Realty Pro, Inc, Vancouver, WA (360) 601-3490
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