What is a HomePath home?

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.

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Keeping this in view, 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.

Beside this, 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.

Similarly one may ask, what is the minimum credit score for a HomePath mortgage?

620

Does 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.

Does HomePath financing still exist?

Homepath loans required no private mortgage insurance (PMI). Today, Fannie Mae still operates a Homepath website, on which it lists foreclosed properties for sale. Editor’s Note: The HomePath program was discontinued in October 2014.

How long does it take to close on a Fannie Mae HomePath property?

45 days

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.

Is it hard to get a Fannie Mae loan?

Prospective homebuyers looking for a fixed-rate mortgage will need a credit score of at least 620. A minimum score of 640 is necessary to qualify for an adjustable-rate mortgage (ARM). … Trying to get a Fannie Mae loan with bad credit is inherently more difficult, though.

How do I make an offer on HomePath?

Make an Offer

  1. Locate the property you’re interested in by using the Search box located on the Home page.
  2. Once you’ve located the property, click on the property photo, and then click ‘View More’ to access the listing details page. …
  3. Click the Make an Offer button on the details page to proceed with your offer.

How do you become a HomePath?

Registration Process: Agents and Brokers can register online on HomePath.com under the Real Estate Professionals tab. Registering with Fannie Mae assures that you will be notified when Fannie Mae is looking for new real estate professionals in your area.

How does Fannie Mae HomePath work?

HomePath is an online program through which you can purchase Fannie Mae-owned properties that are going to be foreclosed. Fannie Mae will acquire these properties by a deed-in-lieu—meaning that the homeowner voluntarily gives up ownership of their home to the mortgage company.

Does HomePath accept low offers?

Financing for HomePath Homes

They offer low down payments, conventional financing with private mortgage insurance and flexible underwriting. … In addition to financing options, you may qualify for state and local assistance programs to help you get into the home you want.

Can I get a home loan with a 550 credit score?

Consider an FHA loan

The loans, backed by the FHA, are available to any borrower with a credit score of 500 or higher. In other words, if your score is 550, you can apply for an FHA loan that only requires a down payment of 10 percent of the home’s purchase price.

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.

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