Home > Blogs > North Carolina > New Hanover County > Wilmington > HomePath (Fannie Mae foreclosed homes) explained 
20,387 views

Team MOVE Blog

Your mortgage loan experts

By Russell Smith | Mortgage Broker
or Lender in Whiteville, NC

HomePath (Fannie Mae foreclosed homes) explained

What is HomePath?  HomePath is the branding used for all Fannie Mae owned properties.  When you see the label “HomePath” it has to do with the sale of Fannie Mae owned properties that were foreclosed.  HomePath.com is the website to access the list of properties available for sale throughout the country.  In addition to selling these homes, Fannie Mae offers special financing through either HomePath Mortgages or HomePath Renovation Mortgages and are available for primary, secondary, and investment properties.

 

 

 

HomePath properties available in some surrounding counties:  Click one of the counties below for a quick look at properties available in particular counties

Brunswick County     Columbus County     New Hanover County

Robeson County   Pender County Onslow County

Horry County Bladen County   Duplin County

 

To sign up for the latest real estate news from Fannie Mae by email, sign up here

 

Special Offers and Incentives for HomePath properties:

First Look Program:  Fannie Mae's innovative First Look marketing period was created to promote homeownership and contribute to neighborhood stabilization — allowing homebuyers to bid and purchase foreclosed properties before they are made available to investors.

· First Look is typically the first 15 days a property is listed on HomePath.com

· Properties in the First Look period have a countdown clock on the property information page of HomePath.com displaying the days remaining to purchase

· Eligible buyers during First Look are owner occupants, public entities and their partners, and some nonprofits

Seller Paid Closing Costs:   Fannie Mae will sometimes offer to pay 3.5% of the price towards closing costs or towards the purchase of appliances and when available, it is mentioned on the website

Agent incentives:  Sometimes Fannie Mae will offer monetary incentives to agents selling a HomePath property which would be mentioned on the website

 

HomePath Financing Options:

 

  When you see the HomePath Mortgage logo in the “Property Features” section for a listing on HomePath.com, this means the property is eligible for a HomePath Mortgage.  Features of the HomePath Mortgage include:

· No PMI on any mortgage over 80% of the sales price

· No appraisal required

· Primary Residence up to 97%, Second homes and investment properties up to 90%

· 10 – 30 year fixed rates or 3/1, 5/1, 7/1, & 10/1 Libor ARM’s available

· 660 credit score required for > 80% LTV

· We do not lend on HomePath manufactured homes

· Up to 50% debt ratio allowed with strong compensating factors

· Very quick closing because no appraisal is required

· Condos do not have to go through the condo approval process to warrant the project meets Fannie Mae guidelines.  Just need to verify sufficient insurances are in place

  

When you see the homepath renovation logo in the “Property Features” section for a listing on HomePath.com, this means the property is eligible for a HomePath Renovation Mortgage.  This is a great way to purchase a home at a great price and finance the improvements you want to make your dream home.  Features of the HomePath Renovation Mortgage include:

· PrimeLending is one of just a handful of lenders who are approved to close HomePath Renovation Mortgages

· No PMI on any mortgage over 80% of the sales price

· One loan covers percentage of the sales price plus renovations to be completed after closing

· Finance up to $35,000 or up to 35% of the “as completed value” of the home in improvements or renovation

· Primary residence up to 95%, Second homes up to 90%, and investment properties up to 75%

· 15 & 30 year fixed rates available

· 660 credit score required for all LTV’s

· We do not lend on HomePath manufactured homes

· Minimum loan amounts:  Primary residence = none, 2nd homes = $30,000, investment properties = $50,000

· Buyers cannot do their own improvements and we must have the improvements and contractor approved with PrimeLending

 

When you see both logos in the “Properties Features” section for a listing on HomePath.com, this means the property is eligible for both types of loans and you can choose which type of loan to proceed with assuming qualifications match guidelines.

 

HomePath.com online support: 

· Training Materials & tutorials

· Instructions for submitting an offer

· Download Real estate purchase addendum & owner occupant certification

 

HomePath properties can be financed with non-HomePath mortgages such as USDA, VA, etc as long as the properties meet guidelines for condition, etc

 

POST
 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer