Fannie Mae HomePath Properties Explained
HomePath properties are foreclosed homes owned by Fannie Mae. While some of them are move-in ready, others are in poor condition and require immediate repairs.
Then, who qualifies for a Fannie Mae HomePath property?
Buyer must be a First-Time Homebuyer (did not own a property in the past three years). Buyers must reside in the property as their primary residence within 60 days of closing. Individual buyers using public funds are eligible. Tenants residing in tenant-occupied properties are eligible.
In this way, how do you qualify for a Fannie Mae HomePath loan?
For example, in order to qualify for the HomePath Mortgage, your lender will verify your income via W-2s and tax returns; your assets via bank statements; and, your credit scores via an official credit report. Subject properties must also be marked as Fannie Mae HomePath–eligible.
Are Fannie Mae HomePath properties a good deal?
HomePath homes are usually more affordable than standard-market homes, but they’re also sold in as-is condition. You must have a real estate agent or REALTOR® to buy a HomePath home. You must also complete Fannie’s Ready BuyerTM online course before you submit an offer for a HomePath home.
Does Fannie Mae 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.
Can anyone buy a Fannie Mae property?
Fannie Mae’s homes are available to owner occupants as well as investors. … Once you find a home that you would like to buy, you must submit a written purchase offer through a licensed real estate agent. Fannie Mae will consider standard contract contingencies such as financing, appraisal or home inspection.
Does Fannie Mae accept low offers?
In other words, if a property is in serious disrepair, Fannie Mae may be willing to accept a lower price, but you’ll have to put money into the home, so it may not be as good a deal as buying a less damaged home at full price.
How long does it take to close on a Fannie Mae HomePath property?
45 days
How much should I offer for a HomePath home?
There is probably a 5-10% price negotiation window for Homepath homes, depending on how long they’ve been on the market. Anything over that and your offer will almost certainly be rejected.
Does Fannie Mae require a 2 year work history?
Fannie Mae generally requires lenders to obtain a two-year history of the borrower’s prior earnings as a means of demonstrating the likelihood that the income will continue to be received. … For additional information, see B3-3.2-01, Underwriting Factors and Documentation for a Self-Employed Borrower.
Can I buy a Fannie Mae HomePath property with an FHA loan?
Fannie Mae HomePath Financing Options
Fannie Mae offers a few financing options to help those who want to purchase a home, but may not be able to do so through a conventional mortgage. … You can choose the financing option that suits your needs, including FHA, VA and USDA loans, if they make more sense.
Can you rent out a Fannie Mae home?
Fannie Mae’s Former Owner Rental Program provides a month-to-month rental option for former homeowners still living in a property that was foreclosed. Former owners can rent the property (at market rate) while it’s being marketed for sale to new owners.
What is the difference between a Fannie Mae loan and a conventional loan?
Conventional loans aren’t insured or guaranteed by a government agency, they’re insured by private lenders. … Fannie Mae and Freddie Mac are government-created enterprises that buy mortgages from lenders and hold the mortgages or turn them into mortgage-backed securities.
Is Fannie Mae conventional or FHA?
Conventional loans are the most common in the mortgage industry. They’re funded by private financial lenders and then sold to government-sponsored enterprises like Fannie Mae and Freddie Mac.