Fannie Mae Homepath
Fannie Mae Homepath is government-sponsored program offering foreclosure properties for sale at discounted prices. When properties are financed through select lenders, buyers can obtain incentives and special financing options such as low interest and minimal down payments.
Fannie Mae Homepath offers a variety of homes for sale including single family residences, condos, apartments, and duplexes. Properties consist of foreclosure homes which were repossessed by Fannie Mae.
Many of the Fannie Mae homes require renovation. Instead of requiring buyers to take out construction loans to cover repair costs, Fannie Mae offers low-interest renovation loans. This special financing option can save buyers a substantial amount in interest.
The Fannie Mae website is arranged to make sorting through properties easy for visitors. Properties requiring repair are designated with a Home Path Renovation Mortgage logo, while properties in good condition are marked with a Home Path Mortgage logo.
Visitors to Homepath.com can find a wealth of information regarding properties for sale and financing options. The FAQ section provides answers regarding Fannie Mae, the Homepath Mortgage program and financing options, lender requirements, and a step-by-step guide for how to buy Fannie Mae homes.
Interested buyers should take time to thoroughly review information presented at Homepath.com as buying houses through Fannie Mae is different than buying houses through a realtor. Buyers must adhere to established guidelines and obtain financing through specific lenders in order to take advantage of special offers and low down payment requirement.
Prior to submitting purchase offers on Fannie Mae Homepath properties, buyers must obtain preapproved financing. Offers must be submitted through the representing agent. It is common for multiple buyers to submit offers on one property, so buyers should submit their highest offer upfront. Fannie Mae rarely enters into price negotiations unless substantial damage is discovered during the home inspection.
Homepath properties may qualify for public grant funds offered through HUDs Neighborhood Stabilization Program. NSP grants are offered for real estate located in areas with high rates of foreclosure. Funds must be used to renovate the property. Individual buyers and real estate investors can apply for NSP grants through local HUD offices. Investors can apply for up to 5 NSP grants.
Fannie Mae Homepath properties can be an excellent choice for investment property. Investors can capitalize on savings by combining NSP grants with special financing available through Homepath Mortgage. These properties can be used as rental homes or offered for sale using lease options or seller carry back trust deeds.
Just as when buying any real estate, due diligence must be conducted to ensure the property is worth the asking price. Buyers should obtain property inspections and real estate appraisals prior to closing. If substantial repairs are uncovered, buyers should photograph damage and obtain repair cost estimates in order to further negotiate the price.
Buying foreclosure real estate is not without risk, but buyers can minimize risks by engaging in due diligence. We invite you to learn more about investing in Fannie Mae Homepath foreclosure properties by browsing our extensive real estate article library. New articles are published weekly, so take a moment to subscribe to our mailing list to stay abreast of current market trends.
Published on October 29, 2010 at 02:22 AM