This Blog will answer questions regarding real estate and mortgage financing. One question will be selected from the most frequently asked questions of the week regarding real estate and mortgage financing.
Can you tell me about HomePath properties and financing? HomePath properties are homes that Fannie Mae has foreclosed on. The homes include single-family homes, town homes and condominiums, and are located in a variety of neighborhoods throughout the US and the Greater Houston area. HomePath financing is available only for foreclosures of which Fannie Mae is the investor.
The number, types and sales prices of the homes that are offered for sale will vary. Fannie Mae may make some repairs to the properties to increase their marketability, but each property is sold "as is," Therefore, you should know the condition of the property before you close. You should hire a licensed real estate inspector and get estimates for any needed repairs. Fannie Mae is not responsible for fixing any problems after closing.
Additionally, you will need to obtain a preapproval from a lender before your Realtor can negotiate an offer on the property. The benefits to obtaining a HomePath loan include:
-Low down payment and flexible mortgage terms
-Available to both owner occupiers and investors
-Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
-No mortgage insurance
-No appraisal fees
HomePath Renovation Mortgage is available on homes that are primary residence. Financing can include funds for your purchase and light renovation. You can find a HomePath property by contacting your local Realtor or click here . HomePath mortgage financing can be obtained through any approved HomePath lender or Broker.