Fannie Mae Homepath
The Fannie Mae Homepath website is a great home buying resource. Whether you're a first time home buyer, property owner, or real estate investor, Homepath provides the answers to all your real estate questions.
Fannie Mae Homepath offers a wide range of foreclosure homes located across the country. Most of these properties are listed below market value; making them an excellent option for individuals who are on a tight budget, but want to buy a house.
When visiting HomePath.com, visitors should first review the FAQs section and click on "How Can I Learn More about Fannie Mae Homes?" Next, click on "download the Entire Buyers Guide" link which is located on the green bar. This PDF file explains the process of buying a Fannie Mae-owned home and can help buyers easily move through the process.
Fannie Mae Homepath properties can be financed using Home Path Mortgage which is offered through select lenders. Homepath properties are listed through local real estate agents and although buyers can use the realtor of their choice, offers must be presented to the agent managing the property listing.
In order to buy Fannie Mae-owned homes, buyers must obtain preapproved financing prior to submitting a purchase offer. It is important to note that since Fannie Mae foreclosures are offered at deeply discounted prices there is a strong possibility that multiple buyers will submit offers. Therefore, buyers should submit their highest offer instead of trying to enter into negotiations to further reduce the price.
Learning how to navigate around the HomePath website can help buyers locate the type of property for sale they desire. Listed properties can be found by clicking on the 'Home' button. Visitors can enter search criteria by entering the zip code or county of the state where they want to buy houses. Visitors can enter the REO (real estate owned) number or MLS (multiple listings service) if available. They can also enter minimum and maximum price ranges, along with the number of bedrooms and bathrooms they prefer.
Additionally, visitors can choose to view Fannie Mae Homepath properties that require light repairs or homes in need of renovation. Home Path Mortgage offers two financing options which include HomePath Mortgage and HomePath Renovation Mortgage.
HomePath mortgage is used when properties are in good shape, while HomePath renovation allows borrowers to obtain additional funds for light repairs. Both financing options offer low down payment requirements and flexible finance terms.
Visitors should visit the 'Special Offers' section to obtain further savings. Presently, Fannie Mae HomePath is offering buyers up to 3.5-percent in closing cost assistance when loan closing occurs before December 31, 2010. Buyers must request incentives when submitting their purchase offer.
Fannie Mae Homepath properties can be a good choice for real estate investors seeking out discounted investment property. Investors are allowed to purchase up to five Fannie Mae foreclosures.
Both buyers and investors should research the Neighborhood Stabilization Program offered through HUD. This program provides NSP grants to qualified applicants who purchase Fannie Mae homes in areas with high foreclosure rates. Combining NSP grants with HomePath mortgage incentives can further maximize home buying savings.
Buying foreclosed homes is not without risk, so buyers must conduct due diligence on Fannie Mae properties for sale. Since most foreclosure real estate requires repairs it is smart to obtain home inspections and repair cost estimates to determine the true cost of the property.
We invite you to learn more about Fannie Mae Homepath and discover tips for buying foreclosure houses in our home buying article library. In addition to offering information and resources for foreclosure homes, our library also includes articles about creative financing options, foreclosure prevention, and tips for finding the best investment properties. Take a moment to subscribe to our mailing list to receive notification when new articles are published.