Financing in Texas>Question Details

Texag05, Home Buyer in Texas

When buying a Homepath REO property, are you required to use a Homepath mortgage? Are there restrictions on what types of lending you can use? Thx!

Asked by Texag05, Texas Wed Jun 2, 2010

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I believe your question has been answered pretty well here. You do not need to go to a certified Home Path Mortgage lender to do the financing, but there are many advantages to doing so. We are a certified Home Path lender and would be happy to help you out.
0 votes Thank Flag Link Mon Jun 7, 2010
To be clear, Fannie Mae will accept any kind of financing for the sale of it's REO properties, HomePath Morgage is simply an option for buyers. The 3.5% closing cost/appliance incentive applies no matter what kind of financing is being used to purchase the property -- that incentive expires on June 30.
0 votes Thank Flag Link Fri Jun 4, 2010
Texag05,

You are not required to use it and there are no restrictions as to what type of financing you can use. The program has some good features like no PMI but a bit higher interest rate, no appraisal so no lender required repairs to worry about, 3% down payment but you must pay for some of their closing costs so make sure you ask for some closing costs assistance.

This program is only for Fannie Mae owned homes. As stated below not all lenders are approved vendors for this product.
0 votes Thank Flag Link Wed Jun 2, 2010
Some lenders become certified under specific programs and can offer incentives that other lenders won't or can't. The website below may be helpful to you. I think it's got great information, and is specific to Texas loan programs and real estate transactions.

Have a blessed day!
Ronda
0 votes Thank Flag Link Wed Jun 2, 2010
Yes... if you want to receive the free appraisal (when the property is eligible), the 3 percent assistance or appliances (when the property is eligible) and no PMI. This is the list of eligible lenders: http://www.fanniemae.com/homepath/financing/lenders-list-201…

Each Lender will have specific Loan Officers that have been certified through Homepath to do these types of loans.

I work for PrimeLending and my team is certified by Homepath to do these types of Home Loans. I hope this helps answer your question.
0 votes Thank Flag Link Wed Jun 2, 2010
No, you don't have to but they will be the only ones with no PMI, no appraisal.

You can go to homepath.com and click on financing to see who lends in your state. Then, you can go over your circumstances with that mortgage person.
Web Reference: http://fglick.com
0 votes Thank Flag Link Wed Jun 2, 2010
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