HomePath homes are foreclosures owned by Fannie Mae. Fannie Mae’s Ready BuyerTM program can help you buy a home with as little as 3% down for first-time homebuyers. … HomePath homes are usually more affordable than standard-market homes, but they’re also sold in as-is condition.
Keeping this in consideration, how do you qualify for a Fannie Mae HomePath property?
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. The property must be listed on Homepath.com and be eligible for the closing cost assistance.
Besides, how long does it take to close on a Fannie Mae HomePath property?
45 days
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.
What credit score is needed for Fannie Mae HomePath?
620
Will Fannie Mae HomePath pay closing costs?
The assistance Fannie Mae provides can go toward closing costs, points, prepayment of expenses and reimbursement of your buyer’s education course fee. There are a few eligibility requirements: You must be a first-time home buyer.
Who qualifies for a Fannie Mae loan?
Fannie Mae guidelines for conventional mortgages
| Fannie Mae guideline type | Minimum requirement |
|---|---|
| Credit score | 620 |
| Total debt-to-income ratio | Cannot exceed 45%, with some exceptions up to 50% |
| Cash reserves | Up to six months, depending on credit score, down payment amount, DTI ratio, occupancy type and property type |
Can I buy a HomePath home with an FHA loan?
Borrower Eligibility
(HomePath properties purchased with an FHA, USDA or VA loan are not eligible for the incentive).
Can you buy a Fannie Mae HomePath property with a 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.
How do I apply for a Fannie Mae HomePath mortgage?
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.
How long do you have to live in a Fannie Mae home?
HomePath occupancy rules are purposely simple to encourage buyer activity on homes owned by Fannie Mae. Owner occupants must move in within 60 days after purchase and occupy the home as their principal residence for at least a year.
Can I get a mortgage directly from Fannie Mae?
Because Fannie Mae doesn’t originate loans, you can‘t get your mortgage directly from Fannie.
How long does it take to hear back from HomePath?
24 hours
How does a Fannie Mae renovation loan work?
You’ll also receive additional loan proceeds to renovate for up to an additional 75% of what the home is estimated to be worth after renovations. On a manufactured home, you can borrow up to the lesser of $50,000 or 50% of the “as-completed” appraised value.