Homepath is a FNMA, Fannie Mae, loan product for properties that FNMA has foreclosed on and have qualified for special financing. So what makes it so special? Well there are a few things:
- No mortgage insurance: This is the insurance that is required by a lender if you stop making payments.
- No appraisal: This is a house by house rule but they do waive the appraisal on properties.
- Low down payment: 5% in the Phoenix market, depending on your market that could be higher or lower.
- 15 to 30 year fixed mortgage at competitive rates.
- Protection for first time home buyers:
What is First Look for Fannie Mae Homes?
First Look is designed to provide owner occupants and buyers using public funds a “first look” at Fannie Mae homes. Under First Look, Fannie Mae will only consider offers from owner occupants and buyers using public funds during the first 15 days a property is listed in the local multiple listing service (MLS). If the property is still for sale on the 16th day, investor offers may be submitted and will be considered
I saved the best for last! FNMA is having a sale and here are the details:
Special Offers:
Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:
- Closing costs.
- The purchase of new Whirlpool® appliances by Fannie Mae.
- A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.
*** Lenders may impose their own limitations on the use of the 3.5% incentive, so buyers should consult their particular lender for guidance.
To be eligible for this incentive:
- Offers must be accepted after January 28, 2010
- Property sales must close escrow before May 1, 2010
- Buyers must be owner-occupants, investors are excluded.
Who Can Provide a HomePath Loan?
FNMA has limited the number of mortgage companies to just a few of hundreds of lenders. If you would like to find one in your area, here is a link to the “find a HomePath Lender” site. Below you will find contact information on an Arizona lender who can help you in our fine State.
If you would like to search Fannie Mae’s inventory of HomePath authorized homes we’ve made it easy. Just use this link to our home search site.
If you are looking to buy a home there is an unprecedented level of first time home buyer incentives.
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We want to thank our lender buddy, Ron Hall, for providing this HomePath information. You can reach Ron at 623-293-6970 with your mortgage questions or on his web site: http://www.bncnationalbank.com/scottsdale/rhall.
Have a great weekend…
Gene Urban
The Urban Team at Realty Executives
602-234-5777
